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Industry&Revolution
key terms for the Industrial Revolution
| Term | Definition |
|---|---|
| capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state |
| commerce | the activity of buying and selling, esp. on a large scale |
| Commercial Revolution | great increase in commerce which took place Europe in 15th, 16th & 17th centuries; included mercantilism and colonialism |
| colonialism | the policy or practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically |
| mercantilism | a country’s power depends on its wealth to build strong navies and purchase vital trade goods |
| domestic system | production system widespread in 17th-century western Europe in which merchant-employers “put out” materials to rural producers who usually worked in their homes but sometimes laboured in workshops or in turn put out work to others |
| cottage industry | An industry where the creation of products and services is home-based, rather than factory-based |
| factory system | The system of producing goods made on a mass scale by machines in a factory which replaced goods made by individual craftsmen |
| guild | an association of artisans who control the practice of their craft in a local area |
| industry | economic activity concerned with the processing of raw materials and manufacture of goods in factories |
| industrialization | development industries in (a country or region) on a wide scale |
Created by:
MissRusignuolo
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