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Industrial revolution a period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s
enclosure movement a process in Europe from 1700s to the mid-1800s where landowners fenced small fields to create large farms allowing more efficient farming methods and increased the food supply
factors of production the basic resources for industrialization such as land labor and capital
cottage industry a usually small scale industry carried on at home by family members using their own equipment
factory a place where good are manufactured in large quantities
industralization developing industries for the production of goods
Jethro Tull British inventor who invented the seed drill
Richard Arkwright English inventor; in 1769 he patented the spinning frame which spun stronger thinner thread
James Watt Scottish inventor he developed crucial innovations to make the steam engine efficient fast and better able to power machinery
Robert Fulton American engineer and inventor; he built the first commercially successful, full sized steamboat; the Clermont which led to the development of the steam boat ferry service for goods and people
labor union an organization representing workers interests
strike a work stoppage
mass production a system if manufacturing large number of identical items
interchangeable parts identical machine made parts that can be substituted for each other in manufacturing
assembly line a mass production process in which a product is moved in a line through many stations
laissez-faire a business system in which companies are allowed to conduct business with government
Adam Smith Scottish economist he became the leading advocate of laissez faire economic an dis considered by some to be the¨ father of modern economics ¨ he wrote the first true text of economics, The Wealth of Economics, in 1776
Thomas Malthus English economist and sociologist:his theory that population growth would exceed the growth of food production and that poverty would always exist was used to justify low wages and laws restricting charity to the poor
entrepreneur a risk taker who starts a new business within the economic system of capitalism
Andrew Carnegie American industrialist and humanitarian ; he led the expansion of the US steel industry in the late 1800s and the early 1900s
socialism political and economic system in which government own production
Karl Marx German social philosopher and chief theorist of modern socialism and communism he declared as capitalism grew more and more workers would be impoverished and miserable he advocated for a state in which the workers own the means of production and govern
communism economic and political system in which government owns the means of mass production and controls economic planning
standard living a measure of quality if life
Created by: patriciacruz