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Global 10.3.2 Vocab
Industrial Revolution Vocab New Visions Global 10.3 Quiz 2
| Term | Definition |
|---|---|
| Socialism | A political and economic theory that advocates for the people as a whole to own and operate the means of production |
| Working Class | A social group lower than the middle class, usually made up of people who earned a living through manual labor and earned a low wage |
| Laissez Faire | An economic system in which transactions between private parties are absent any form of government intervention such as regulations, privileges, imperialism, tariffs and subsidies. |
| Bourgeoisie | Rich people in society |
| Union | An organized association of workers formed to protect and further their rights and interests such as fair wages, working hours, and working conditions |
| Mercantilism | An economic policy that is designed to maximize exports and minimize imports of a nation, usually done at the expense of other countries |
| Irish Potato Famine | Period of mass starvation and disease in Ireland from 1845 to 1849 caused by a disease that destroyed a majority of the potato crops |
| Meiji Restoration | Period of time in Japan that began with the fall of the Tokugawa Shogunate and restored power to the imperial ruler. Was known as being a time of industrialization and westernization |
| Economics | The study of how people make choices about how they use their limited resources to meet their wants and needs |
| Proletariat | Poor people in society |
| Utilitarianism | A moral theory that advocates actions that promote overall happiness or pleasure and rejects actions that cause unhappiness or harm. Belief that the government should intervene in the economy so that all can be supported |
| Karl Marx | German philosopher and economist who wrote The Communist Manifesto, which opposed capitalism and favored a revolution by the working classes of the world |
| Productivity | Effectiveness of producing something in a given amount of time |
| Adam Smith | Scottish economist and philosopher. A pioneer of political economy, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Wrote The Wealth of Nations |
| Middle Class | A social group between the upper class and working class, usually made up of professionals and business workers and their families |
| Means of Production | The facilities and resources for producing goods, like farms, factories, tools, equipment, etc. |
| Economic System | The system used by a society to produce and distribute goods and services |
| Communism | A political theory derived from Karl Marx’s ideas that advocates for a class war between the rich and the poor, leading to a classless society where all means of production would be owned by the government |
| Collective Bargaining | Process in which workers, through their unions, negotiate contracts with their employer to determine terms of employment like wages, hours, and conditions |
| Capitalism | An economic system in which a country's trade and industry are controlled by private owners for profit, rather than by the state |
| Famine | Extreme scarcity or shortage of food |
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