Industrial Revolution vocab

Capital

Money in form of of saving that is invested in a business

Depression

A period of poor business and employment

Assembly line

A process in which a prosict is assembled as it moves past alone work

Free market

When both the seller and the buyer of a market agree on a price without anyone’s influence or control

Vertical integration

The practice of cooperations buying up companies that supplied them in order to trim prices and keep cost low

Inflation

What happens when prices go up and money is worth less

Layoff

A time when large numbers of people get fired without warning

Malnutrition

The result of a poor diet

Union

An organization to help workers achieve a goal

Reformer

A person who wants to change conditions they think are harmful

Communism

Political and economic system in which government owns all property and makes all decisions

Socialism

Economic system in which workers Rather than individuals own farms, factories, and businesses

Tenement

Tightly packed apartment building with few windows and Ventilation on

Strike

to stop working until Demands are met

Welfare system

Aid given by the government for those in need