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industrial revolution

land natural resources, especially coal and cotton, and area necessary for industrialization
labor factor of production that refers to the people needed to work in factories, came from rural farms and were educated enough to work with machines
capital money that is necessary for a factory or industrialization to begin-factor of production
assembly line production making goods by having each worker do one specific job before passing the good on to another worker; increases production, decreases the need for skilled labor, and makes cheaper goods
children in factories employed to exploit their small size, cheap labor, ease of replacement when hurt, and manager's ability to force them to work long hours or face being beaten
urbanization the process of growth of cities (often due to industrialization and enclosure movement)
enclosure movement process of consolidating many small farms into larger farms that were cultivated with machinery. caused a loss of agricultural jobs and urbanization
tenements run-down apartment buildings often used to house the factory workers who had moved to the cities
middle class growing economic group when a country industrializes since managers and some higher-level workers are needed in factories
pollution increases during the industrialization due to increased fossil fuel consumption and few regulations on factors
Adam Smith writer of "The Wealth of Nations" and promoter of the economic system of capitalism
Socialism economic system in which the government gets involved to help decrease the difference between the rich and the poor by taxing the rich more than the poor
Capitalism Economic system in which the government largely stay outs of the economy. there is not movement of money between the rich and the poor to help equalize their resources. All they may do is created some rules to ensure fair trade.
Communism Economic system in which the government takes completed control of the economy and tries to create economic equality for all
Karl Marx Writer of the "Communist Manifesto" which argued that history was defined by the fighting between economic classes and that the rich always took advantage of the poor; advocated communism
Created by: ugorman