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IR Vocabulary Quiz

TermDefinition
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