key terms Flashcards
Capitalism
A system where businesses are privately owned and run for profit.
Industrial Revolution
A period of rapid industrial and technological growth.
Industrialisation
The process of developing industries and factories.
Profit
The financial gain after costs are deducted.
Entrepreneur
A person who starts and runs a business.
Knobstick
A worker who refuses to strike or replaces strikers.
Trade Society
A workers’ group that protects wages and conditions.
Laissez-faire –
The belief that the government should not interfere in the economy.
Artisan
A skilled craft worker.
Journeyman
– A trained worker who is not yet a master.
Closed Shop
A workplace where only union members can be employed.
Co-operative Movement
A group promoting businesses owned by workers or consumers.
Trade Union –
An organization protecting workers’ rights and pay.
Factory System –
A method of mass production using machines in factories.
Cottage Industry
Small-scale production at home before factories.
Free Trade
Trade without restrictions or tariffs.
Skilled Worker
A worker with specialized training or expertise.
Collective Working
Workers producing together rather than individually.
Semi-Skilled Worker
A worker with some training but not fully skilled.
