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Industrial Rev.
RWD's for the Industrial Revolution
| Term | Definition |
|---|---|
| Natural Resource | Materials that exist in nature and can be used for economic gain. Ex.) Water, fertile land, oil, coal |
| Industrial Revolution | The period in which production of goods shifted from hand production at home to complex machines in factories - began in Great Britain around 1750. |
| Urbanization | The movement of people from rural areas to cities. |
| Technological Unemployment | The loss of jobs caused by technological change - includes the introduction of more efficient mechanical muscle and mind machines. |
| Famine | An extreme scarcity or shortage of food resulting in widespread malnutrition and loss of life by starvation and disease. |
| Proletariat | According to Karl Marx this group were the “Have Nots” - members of the working class who were exploited and taken advantage of by the wealthy. |
| Laissez- Faire Ecomomics | The belief that the government should NOT interfere with business or the economy - developed by Adam Smith. **Also known as Free Market or Capitalism |
| Agricultural Revolution | A change in farming methods in the 1700s that improved the quality and quantity of farm products. * Also known as the Agrarian Revolution |