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IR Vocabulary Quiz
| Term | Definition |
|---|---|
| Population | the number of people in a given area |
| Demand | the want or need for goods & services |
| Textiles | cloth |
| Merchants | sellers |
| Factories | places where machines & workers are brought together |
| Steam | heated water used as an energy source |
| Commercial farming | farming done on a large scale for profit |
| Urbanization | people moving from the countryside to the cities in order to work |
| Laissez faire | an idea that states that government should leave businesses alone (no laws on business) |
| Socialism | an idea that states that workers should own all factories and farms |
| Communism | a system in which the government owns all property and controls the economy |
| Oil and Electricity | new sources of power in the 1800’s |
| Assembly line | a line of machines, equipment, workers, etc., in a factory that builds a product by passing work from one station to the next until the product is finished; goods are made faster |
| Telegraph and telephone | new methods of communication during the Industrial Revolution |
| Vertical integration | the combination in one company of two or more stages of production normally operated by separate companies. |
| Middle class | the group of people in between the wealthy and the poor |
| Surplus | extra |
| Unions | Organizations that protect the rights of workers (fair pay, safe working conditions, and a fair number of work hours) |
| Equal rights | the fair treatment of all people (ex: the right to vote) |
Created by:
crogalny
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