Module 15 Flashcards
Industrial Revolution
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine.
enclosure
one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers.
crop rotation
the system of growing a different crop in a field each year to preserve the fertility of the land.
industrialization
the development of industries for the machine production of goods. factors of production the resources—including land, labor, and capital—that are needed to produce goods and services.
factory
a large building in which machinery is used to manufacture goods.
entrepreneur
a person who organizes, manages, and takes on the risks of a business.
Bessemer, Sir Henry (1813–1898)
British engineer who invented the Bessemer Process, a cheap way to mass-produce steel.
Urbanization
The growth of cities and the migration of people into them.
Middle class
A social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.
Mass production
the system of manufacturing large numbers of identical items.
Interchangeable parts
identical machine-made parts, the use of which made factory work more efficient.
Assembly line
in a factory, an arrangement in which a product is moved from worker to worker, with each person performing a single task in its manufacture.
Division of labor
when one worker specializes in doing one task.
Specialization
an economic concept that refers to separating tasks in which people in a factory or company work at one kind of job and learn to do it well.
Economic interdependence
a situation where people rely on others to provide the goods and services they need.
Stock
certain rights of ownership of a corporation.
Corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts.
laissez faire
the idea that the government should not interfere with or regulate industries and businesses.
Smith, Adam (1723–1790)
Scottish economist; he became the leading advocate of laissez faire economics and is considered by some to be the “father of modern economics. ” He wrote the first true text on economics, The Wealth of Nations, in 1776.
Capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
Utilitarianism
The theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people.
Socialism
an economic system in which the factors of production are owned by the public and operate for the welfare of all.
Marx, Karl (1818–1883)
German social philosopher and chief theorist of modern socialism and communism; he declared that as capitalism grew, more and more workers would become impoverished and miserable. He advocated for a state in which the workers own the means of production and govern themselves. Along with Friedrich Engels, he wrote the Communist Manifesto in 1848, explaining their philosophy.
Communism
an economic system in which all means of production—land, mines, factories, railroads, and businesses—are owned by the people, private property does not exist, and all goods and services are shared equally.
Anarchism
a political philosophy that argues that all forms of government are harmful and should be done away with entirely.
Union
an association of workers, formed to bargain for better working conditions and higher wages.
Strike
to refuse to work in order to force an employer to meet certain demands.
Robert Fulton
Birth of the Industrial Revolution
Proletariat
Sheffield
Rural Area
Jane Addams
