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Industrial Revolutio

TermDefinition
Smelt To heat up rocks and melt the metal ore found inside.
Capital The excess of a company's assets over its liabilities. or People who possess wealth and use it to control a society's economic activity, considered collectively.
Entrepreneurs People who manage & assume the financial risk with a new business
Urbanization The process of making an area more like a city.
Tenements Multistory buildings divided into numerous apartments that had no running water
Labor unions An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Utilitarianism “The greatest happiness for the greatest number”
Socialism The government controls the means of production.
*Means of production the facilities and resources for producing goods.
Karl Marx German philosopher who advocated for Communism
Proletariat Workers or working-class people, regarded collectively
Social Democracy A socialist system of government achieved by democratic means
Transportation The invention of the steam engine allowed for the creation of both the train and the steam boat.
Utopian Socialists The moral persuasion of capitalists to surrender the means of production peacefully to the people.
Created by: vjoyce_BHS
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