09 The Industrial Revolution, 1700-1900 Flashcards Preview

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Flashcards in 09 The Industrial Revolution, 1700-1900 Deck (32):
1

Industrial Revolution

the shift, beginning in England during the 18th century, from making goods by hand to making them by machine

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enclosure

one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers

3

crop rotation

the system of growing a different crop in a field each year to preserve the fertility of the land

4

industrialization

the development of industries for the machine production of goods

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factors of production

the resources—including land, labor, and capital—that are needed to produce goods and services

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factory

a large building in which machinery is used to manufacture goods

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entrepreneur

a person who organizes, manages, and takes on the risks of a business

8

urbanization

the growth of cities and the migration of people into them

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middle class

a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers

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stock

right of ownership in a company called a corporation

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corporation

a business owned by stockholders who share in its profits but are not personally responsible for its debts

12

laissez faire

the idea that government should not interfere with or regulate industries and businesses

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Adam Smith

philosopher who defended laissez faire economics

14

capitalism

an economic system based on private ownership and on the investment of money in business ventures in order to make a profit

15

utilitarianism

the theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people

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socialism

an economic system in which the factors of production are owned by the public and operate for the welfare of all

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Karl Marx

economic thinker who wrote about a radical form of socialism

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communism

an economic system in which all means of production—land, mines, factories, railroads, and businesses—are owned by the people, private property does not exist, and all goods and services are shared equally

19

union

an association of workers, formed to bargain for better working conditions and higher wages

20

strike

to refuse to work in order to force an employer to meet certain demands

21

agricultural revolution

changes that led to great increases in the amount of food farmers produced

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boom

a time of increased activity, wealth, and prosperity

23

economists

people who study the ways that goods are made, sold, and bought

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imperialism

actions or policies by which one country controls another

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output

amount of something produced or manufactured

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raw materials

materials used in factories to create goods

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slums

areas of poverty and poor housing

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tenant farmers

farmers who work land rented from someone else

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9.1 What were four factors that contributed to industrialization in Britain?

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9.2 What were some of the negative effects of the rapid growth of Manchester?

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9.3 How did the Industrial Revolution shift the world balance of power?

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9.4 What were Adam Smith’s three natural laws of economics?

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