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Modern World History
Industrial Revolution CH 9:1-3
Term | Definition |
---|---|
Industrial Revolution | An era of history (mid 1700s) where goods began to be made by machine rather than by hand. |
industrialization | The process of making products using machines. |
factors of production | Resources needed to produce goods such as land, labor & capital. |
entrepreneur | A person who organizes, manages, and takes on the risk of a business. |
urbanization | City building and the movement of people to cities. |
middle class | A social class made up of skilled workers, professionals, business people, and wealthy farmers. |
stock | A share or certain right to ownership of a business. |
corporation | A business owned by stockholders who share in its profits but are not responsible for its debts. |