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Ch. 21
| Term | Definition |
|---|---|
| Industrial Revolution | A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700's |
| Enclosure Movement | A process from Europe from 1700's to mid-1800's where landowners fenced small fields to create small farms, allowing for 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 goods are manufactured in mass quantity |
| Industrialization | developing industries for the production of goods |
| Jethro Tull | British inventor, he invented the seed drill |
| Richard Arkwright | English inventor, in 1769 he patented the spinning frame, which spun stronger , thinner, thread |
| James Watt | Sottish inventor,; he developed crucial innovation 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 commercial steamboat ferry services for goods and people |
| Labor Union | An organization representing workers' interests |
| Strike | A work stoppage |
| Mass production | The system of manufacturing large numbers of identical items |
| Interchangeable Parts | Identical machine-made parts that can substitute for each other in manufacturing |
| Assembly line | A mass-production process in which a product is moved forward through many work stations where workers perform specific tasks |
| Laissez-faire | A business system where companies are allowed to conduct business without interference by the government |
| Adam Smith | Scottish economist; he became the leading advocate of Laissez-faire economies and is considered by the name to be the "father of modern economics." He wrote the first true text on economics, The Wealth of Nations, in 1776 |
| Thomas Malthus | English economist and sociologist; his theory that population growth would exceed the growth 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 capitalization |
| Andrew Carnegie | American industrialist and humanitarian; he led the expansion of the U.S. steel industry in the late 1800's and early 1900's |
| Socialism | A political and economical system in which society, usually in the form of the government, owns the means of production |
| Karl Marx | German social philosopher and chief theorist of modern socialism and communism; he declared that a capitalism grew, more and more workers would become impoverished and miserable. He advocated for a state in which the workers owns the means of production |
| Communism | Economic and political system in which government owns the means of production and controls economic planning |
| Standard of living | A measure of the quality of life |