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History chp7 vocab
Term | Definition |
---|---|
industrial revolution | a period of rapid growth with the uses of machines |
enclosure movement | landowners fenced small farms to be bigger farms for increase of food supply |
factors and productions | the basic resources for industrializing such as necessary land labor and capital |
cottage industry | home business, family using their own equipment |
factory | a place where goods are manufactured in mass quanity |
industrialization | developing industries for the production of good |
Jethro Tull | invented the seed drill |
Richard Arkwright | spinning frame which spun stronger, thinner, thread |
James Watt | developed innovations to make the steam engine effiencent |
Robert Fulton | built first steamboat, the clermont |
Labor Union | an organization representing workers intrest |
strike | a work stoppage |
mass production | the system of manufacturing large numbers of identical items |
interchangeable parts | identical parts that can replace each other |
assembly line | where objects move forward through many work stations and workers perform specific task |
Laissez faire | a business system where companies are allowed to conduct business without interference by the government |
Adam smith | "the father of modern economics"..leading advocate of laissez faire.. wrote 'The Wealth of Nations" |
Thomas Malthus | his theory that population growth would exceed the growth of food production and that poverty would always exist was used to justify low wages and laws restricting charity to the poor |
entrepreneur | one who starts a new business within the economic system of capitalism |
Andrew Carneige | he led the expansion of the American steel industry |
socialism | a system in which society usually in the form or/of government owns the means of production |
Karl Marx | he wrote the communist manifesto explaining their philosophy |
communism | system in which the government owns the means of production and controls economic planning |
standard of living | a measure of the equality of life |