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Unit 6 MWH SHS

Industrial Revolution

TermDefinition
Socialism System in which the people as a whole rather than private individuals own all property and operate all businesses
Communism A classless society in which all wealth and property would be owned by the community.
Factors of Production Land, Labor, Capital
Urbanization Movement of people from rural areas to cities.
Cottage Industry A business or manufacturing activity taking place in one's home.
Industrial Revolution The transition from handmade products to machine-made products
Capital Money you invest in business
Tenement Apartments for factory workers
Unions Organization of workers whose purpose is to improve working conditions
Strike Workers refuse to work to force employers to comply to their demands.
Anarchism Belief in the abolition of government and society.
Laissez- Faire The idea that the government should not interfere with or regulate industries and businesses.
Karl Marx Father of Communism. Wrote the Communist Manifesto.
Capitalism Economic system in which the means of production are privately owned and operate for profit.
Adam Smith Father of Capitalism. Wrote the Wealth of Nations.
Monopoly When one person or group owns all aspects of a product
Agricultural Revolution A period of technological improvement that increased crop productivity
Textile Machines New inventions, like the Spinning Jenny, made spinning and weaving cloth faster.
Created by: gpelletier
 

 



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