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Chp. 21
Term | Definition |
---|---|
Industrial Revolution | the time period when power-driven machinery was developed |
enclosure movement | the combining of many small farms by wealthy landowners |
factors of production | the essential elements that a nation needs for economic success |
cottage industry | a craft occupation performed in the home |
factory | a building that housed machine-driven industry |
industrialization | the process of changing to power-driven machinery |
Jethro Tull | gentleman father who invented the seed drill for planting grain |
Richard Arkwright | inventor of the spinning frame, which spun stronger, thinner thread |
James Watt | British inventor who made steam engines faster and more efficient |
Robert Fulton | developed and operated steamship Clermont on the Hudson River |
labor union | organizations representing workers' interest |
strike | work stoppages |
mass production | the system of manufacturing larger number of identical items |
interchangeable parts | identical machine-made parts |
assembly line | system in which workers stay in one place, adding parts as items go by |
laissez-faire | the idea that governments should not interfere in business |
Adam Smith | the leading advocate of laissez-faire economics |
Thomas Malthus | thinker whose beliefs about poverty were used to justify low wages |
entrepreneur | someone who starts a business |
Andrew Carnegie | industrialist who led expansion of the American steel industry |
socialism | the theory that society, not individuals, should own all property or industry |
Karl Marx | German thinker who put forth a radical view of socialism |
communism | a system in which the government controls the economy |
standard of living | level of material comfort experienced by a group of people |