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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 for more efficient farming methods and increased 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
industrialisation developing industries for the production of goods
Jethro Tull British inventor; he invented the seed drill
Richard arkwright English inventor; in 1769 he patentred 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 commercial steamboat ferry services for goods and people
labor union an organization representing workers interests.
strike a work stoppage
mass production a system of manufacturing large numbers 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 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 lassez faire economics and is considered by some 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 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 business within the economic system of capitalism
Andrew Carnegie American industrialist and humanitarian; he led the expansion of the U.S. steel industry in the late 1800s and early 1900s
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, chief theorist of modern socialism and communism; declared that as capitalism grew, more workers would become impoverished. Along with Friedrich Engels, wrote the ¨Communist Manifeto¨ in 1848, explaining their philosophy.
communism a economic and political system in which the government owns the means of production and controls economic planning.
standard of living a measure of the quality of life.
Created by: brandoncoppinger



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