Industrilization Flashcards
Tenement
Overcrowded, slum housing.
Rural
Areas where not many people live.(Country). These areas are always shrinking.
Industrillization
Making stuff with big machines in 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. It means hands off, the government stays out of the way of the business, 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.
Corporation
Business that is owned by many people not just one person. EX: Walmart, Sony, Ford.
Monopoly / Trust
One company is the only place you can get a certain good or service. EX: Standard oil.
Sherman Antitrust Act
1st federal law to attempt to limit monopolies.
Efficiency
Eliminating waste(money,time,energy, and resources).
Productivity
Measure of inputs/outputs. If you produce more using the same or less your productivity goes up.
Specialization
Getting really good at producing or doing one thing.
Interdependence
Two or more things that need each other to work. This is the result of specialization.
Immigration
People moving into a country.