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Industrial Revolutio
Term | Definition |
---|---|
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. |