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Chapter 21

TermDefinition
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 (capital, labor, land)
cottage industry a craft occupation performed in the home
factory a building that housed power-driven machinery
industrialization the process of changing to power-driven machinery
Jethro Tull gentleman farmer 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 the steamship Clermont on the Hudson River
labor union organizations representing workers' interests
work stoppages work stoppages
mass production the system of manufacturing large numbers 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 the expansion of the American steel industry
socialism the theory that society, not individuals, should own all property and 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
Created by: tinsleylett