VOCABULARY QUIZ #2 Flashcards
industrial revolution
an economic change in the source of energy for work, a change in the way goods and services were produced
bourgeoisie
( NEW MIDDLE CLASS ) middle class owners of factories & means of production
enclosure movement
in which landowners claimed common land & used it to experiment new farming methods
agricultural revolution
changes in the way crops were grown which led to increased food production
james watt
scottish inventor of the first steam engine
mass production
the making of identical products on a large scale by diving work into simple repetitive tasks
josiah wedgewood
first englishman to mass produce porcelain outside of china
eli whitney
american inventor of the cotton gin
interchangeable parts
standardized parts that could be used in all machines, made from iron smelted from coal
steam engine
machine that could produce energy from steam
electric telegraph
system that allowed for transmission of communication over long distances instantaneously
samuel morse
american inventor of a communication code on an electric telegraph
corporations
private businesses owned by many individual & institutional investors who provided necessary capital by buying stocks representing shares in the company
the wealth of nations
book written by adam smith outlining the ideas of a free-market system based on capitalism & laissez-faire economics
supply & demand
the forces of a free-market that adam smith argued should regulate the economy