Flashcards in Chapter 25 Review sheet Deck (46)
Loading flashcards...
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
