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Unit 2 Industrial
| Question | Answer |
|---|---|
| Subsistence Farming | Agriculture that is usually consumed by the family and not sold |
| Commercial Farming | Agriculture that is usually sold to people who do not live on the farm where it was produced |
| Urbanization | Shift in population from the country to the city |
| Public Service | Offered by the government such as police, firemen, and education |
| Tenement | Dirty, cramped apartment that factory owners rented to their employees |
| Cholera | Bacterial disease that is caused by contaminated water, often leading to death |
| New Money | Term that refers to people who were not born rich but made their fortune through hard work |
| Corporation | Business owned by stock holders |
| Stock | Shows partial ownership in a company |
| Monopoly | One company controlling and entire industry |
| Cartel | Companies controlling an entire market |
| Capitalism | Economic system where people privately own businesses and their purpose is to make a profit |
| Utilitarianism | Belief that actions should be judged by how useful they are to society and those which are most useful should be supported by the government |
| Socialism | Economic system where the public (or government) owns most businesses to ensure they work for the good of everyone |
| Communism | Economic system where the public (or government) owns all businesses and property with the goal of making everyone equal in terms of wealth and education |
| Union | Group of employees who worked to get better wages and hours during the Industrial Revolution |
| Industrial Revolution | At this time more items were being made by machines |
| Second Agricultural Revolution | At this time inventions like the seed drill caused peasants to have to move to the city for work |
| Enclosure Movement | At this time wealthy landowners bought up land and created large estates |
| War of 1812 | At this time British naval blockades caused American industry to boom because they were unable to trade with other countries |
| Robber baron | An unscrupulous owner who dominated an industry and had large amounts of political and social power |
| Karl Marx | Founded the idea that business should be publicly owned and increase equality |
Created by:
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