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History chp7 vocab

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
Created by: Craycray