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New Kind of Rev

Industrial Revolution a period of rapid growth in the use of machines in manufacturing and production that began in the mid- 1700's
enclosure movement a process in Europe from 1700's to the mid- 1800's where landowners fenced small fields to create large farms, allowing for more efficient farming methods and increased the food supply
factors of production the basic resources for industrialization, such as land, labor; and capital
cottage industry a usually small-scale industry carried on at home by family members using their own equipment
factory a place where goods are manufactured in mass quantity
industrialization developing industries for the product of goods
Jethro Tull British inventor; he invented the seed drill
Richard Arkwright English inventor; in 1769 he patented the spinning frame, which spun stronger, thinner, thread
James Watt Scottish inventor; he developed crucial innovations to make the steam engine efficient, fast, and better able to power machinery
Robert Fulton American engineer and inventor; he built the first commercially successful, full-sized steamboat, the Clermont, which led to the development of commercial steamboat ferry services for goods and people
labor union an organization representing workers' interests
strike a work stoppage
mass production the system of manufacturing large numbers of identical items
interchangeable parts identical machine-made parts that can be substituted for each other in manufacturing
assembly a mass-production process in which a product is moved forward through many work stations where workers perform specific tasks
laissez-faire a business system where companies are allowed to conduct business without interference by the government
Adam Smith 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, 1776
entrepreneur a risk taker who starts a new business within the economic system of capitalism
Andrew Carnegie American industrialist and humanitarian; he led the expansion of the U.S. steel industry in the late 1800's and early 1900's
socialism a political and economic system in which society, usually in the form of government, owns the means of production
Karl Marx German social philosopher and chief theorist of modern socialism and communism;
communism economic and political system in which government owns the means of production and controls economic planning
standard of living a measure of the quality of life
Created by: kaniyaalston