Chapter 25 Review sheet Flashcards Preview

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Flashcards in Chapter 25 Review sheet Deck (46)
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1

Industrial Revolution

Mid-1700s. Output of machine made goods. It began in England.

2

Enclosures

Larger fields > productive seeding / harvesting methods improved

3

Crop Rotation

three field system, build up nutrients

4

Industrialization

Industrialization refers to the process of using machines in the production of goods.

5

Factors of Production

Land, labor, and capital ($). Resources needed to produce goods & services.

6

Factories

Buildings equipped with machines that are used for production

7

Entrepreneur

An entrepreneur is a person who organizes, manages, and takes the risk of owning a business.

8

Cottage Industry

Goods were made by hand in homes

9

Urbanization

A time of rapid movement of people to the cities.

10

Middle Class

Social class (Bourgeoisie) made up of skilled workers.

11

Stock

A right of ownership to a publicly owned corporation or business.

12

Corporation

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

13

Laissez-Faire

An economic policy (theory) stressing an unregulated free market. "Let Do" "Let people do as they please."
ADAM SMITH

14

Capitalism

Factors of production, privately owned

15

Socialism

Factors of production are operated for the good of all

16

Utilitarianism

Usefulness; good for the greatest number of people.

17

Communism

Government controls everything

18

Union

Association of workers formed to improve working conditions / pay.

19

Strike

A refuse to work until demands are met

20

John Kay

1733 - flying shuttle

21

James Hargreaves

1764 - spinning wheel / jenny

22

Richard Arkwright

1769 - Water frame

23

Samuel Crompton

1779 - Spinning Mule, which combined the Spinning Jenny and the Water Frame. Stronger thread

24

Edmund Cartwright

1787 - power loom which was run by water and did the fastest weaving of it's time.

25

Elizabeth Gaskell

(1810-1865) Gaskell wrote "Mary Barton" - sympathized with the working class

26

Elizabeth Bentley

1832 Testified before the British Parliament - deformed at 23 years old

27

John D. Rockefeller

Founded Standard Oil

28

Andrew Carnegie

Founded Carnegie Steel

29

Adam Smith

Wealth of Nations - law of self interest - law of competition - law of supply and demand

30

John Stuart Mill

questioned unregulated capitalism