INDUSTRIALIZATION VOCABULARY Flashcards
Tenement
Overcrowded, slum housing
Rural
- Areas where not many people live
- In “the country”
- These areas are always shrinking
Industrialization
- Making stuff with machines in big factories
* Mass production
Capitalism
- CAPITAL=MONEY
- Businesses competing to make money
- Laissez Faire, Market Economy
Agrarian
• Related to farming
Mechanization
- Producing stuff with machines
* Automation
Industry
• The business of making things
Laissez-faire
• An enlightenment philosophy • Means “Hands Off”--the government stays out of businesses way, and lets them direct their own course • Capitalism, Market Economy
Social Darwinism
• Survival of the fittest • Only the strong survive—everyone is competing against everyone else • Example: small businesses can’t compete with bigger ones, so they just go out of business
Corporation
• business that is owned by many people
not just one person
• Example: Walmart, Sony, Ford, etc.
Monopoly/Trust
• One company is the only place you can get a certain good or service –No competition • Example: Standard Oil, U.S. Steel
Sherman Antitrust Act
• 1st federal law to attempt to limit
monopolies
Efficiency
• Eliminating waste:
– Eliminating wasted time, money, energy,
resources, etc.
• Example: taking the shortest route to get
somewhere
Productivity
• Measure of inputs vs outputs
• If you produce more with the same amount of
resources or less, your productivity goes UP
• Example: today you 10 workers produce 10
cars; tomorrow, the same 10 workers produce
15 cars. Productivity went up.
Specialization
Getting really good at producing or doing ONE thing. Examples: a kicker on a football team; a line worker who just bolts on the front left tire of a car
Interdependence
• Two or more things that need each other to work. Example: – Steel Companies need railroads to ship their steel around the country – Railroads need steel to make their tracks, trains, bridges, etc. THEY NEED EACH OTHER • This is a result of specialization
Immigration
• People Moving Into a country
• Example: a person moves here from
Italy or Mexico