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Industrial Rev

Industrial Revolution

QuestionAnswer
Mass Production Making a large number of goods.
Revolution A radical change.
Urban City
Urbanization Growth of Cities
Rural Country (more farms, less populated)
Assembly line Workers are specialized to create products rapidly. Cut down the amount of time it took to build something by having each person focus on one piece.
Monopoly When one company owns all of that kind of business and can control the prices ex: Standard Oil and Rockefeller controlled all the oil in the U.S.
Robber baron used to describe a person who made, what some considered, excessive amounts of money in business. It was an insulting term used for a person who was thought to have used unfair business practices and showed little empathy for the common factory worker.
Captain of Industry business men who exhibited leadership in their field and commanded the respect from the business world. Often timed they gave back to their communities by participating in philanthropy.
Robbor Barons Cornelius Vanderbilt - Railroad investments JD Rockefeller- Standard oil company Andrew Carnegie - Steel industry JP Morgan - Banking
Industry Another name for business Business started to boom during this time period and many factories were opened.
Corporation A business that is publicly owned. Shares of stock can be bought for corporations and allows regular people to own a small piece of big companies.
Monopoly When one company owns all of that kind of business and can control the prices.
Laissez Faire Government does not interfere.
Reform Attempt to fix a problem.
Domestic System Production completed at home.
Interchangeable Parts Identical components that can be substituted for another.
Factory System Production completed in factories
Mercantilism Wealth is generated by the accumulation of resources.
Capitalism Country's economy is controlled by private owners for profit. Government should have little control over workers and businesses and individuals should be free to pursue their own economic self-interest.
Economics Study of how countires produce and consume goods/services.
Industrialization the process of developing manufacturing on a large scale
Manufacturing the process of making a large number of products
Textile is another word for cloth, or woven fabric. The way textiles were made was one of the first changes that came about during the Industrial Revolution.
Communism a classless society where all means of production would be owned by the community. Communism believes means of production should belong to everyone, labor should be divided and specialized, and that social revolution is necessary.
Adam Smith thought people would be more productive at work if they could accumulate wealth and that individuals should be free to pursue their own economic self- interest, and by doing so, all of society would benefit.
Karl Marx Created Communist Manifesto. He formulated his theories with the intention to liberate laborers from the chains of a capitalist society. He maintained that in order to emancipate humanity from economic domination, a social revolution was needed.
Impacts of assembly line on workers Increased efficiency and production, repetitive tasks leading to boredom, shorter work day, physical strain from repetitive motions.
Impacts of assembly line on profuctivity increased productivity in manufacturing by breaking down complex production processes into smaller, repetitive tasks, allowing for a faster production and higher output , ultimately lower costs and more affordable goods for consumers
Impact of Industrial Revolution on immigration increased immigration by creating a demand for labor in factories and cities. Immigrants were generally more willing to accept lower wages and inferior working conditions than native born workers
Division of labor separating the steps of making something into separate jobs
Capitalism Government should have little control over workers/businesses Individuals should be free to pursue their own economic self-interest Labor should be divided and specialized
Communism Means of production should belong to everyone Social revolution is necessary
Created by: jgeekie
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