Industrial Rev Flip Flop Vocab

entrepreneur

person who assumes financial risk in the hope of making a profit

urbanization

movement of people from rural areas to cities

middle class

included entrepreneurs others who profit from the growth of industry and the rise of city

standard of living

the level of material goods and services available to people in a society

social mobility

the ability of individuals or groups to move up the social scale

free market

market regulated by the natural laws of supply and demand

communism

form of socialism advocated by karl marx; would bring a classless society in which the means of production would be owned in common for the good of all

laissez-faire

"hands-off" approach; embraced by the middle-class business leaders

factory act

a series of laws to reform child labor practices

capitalism

economic system where private individuals and businesses own the means of production and operate them for profit

interchangeable parts

identical components that can be used in place of one another in manufacturing; simplified both the assembly and repair of products

assembly line

a production method that breaks down a complex job into a series of smaller tasks

stock

share of ownership in a company

corproation

a business owned by many investors who buy shares of stock and risk only the amount of the investment

green theory

the theory that infectious diseases are caused by certain microbes

industrial revolution

period beginning in the 1700s when production and sources of energy shifted

enclosure

the process of taking over an consolidating land formerly shared by present farmers.

capital

money or wealth used to invest in business or enterprise

enterprise

business organization in such areas as shipping, mining, railroads, or factories

putting out system

system developed in the 80th century in which tasks were distributed to individuals who completed the work in their own home; also known as cottage industry

agricultural revolution

when people learned to farm and domesticate animals

energy revolution

time when inventive minds found ways to use water power more efficiently and harnessed new sources of energy

tenement

multistory building divided into crowded apartments

labor union

organization of workers who bargain for better pay and working conditions

child labor

the use of children as workers; worked as apprentices, servants, and on rural farms and factories

thomas malthus

british economist; wrote essay on the principle population; professor of history and political economy until his death

utilitarianism

idea that the good of society should be to bring about the greatest happiness for the greatest number of people

socialism

system in which the people as a whole rather than private individuals own all property and operate all business

karl marx

german political thinker whose ideas became the foundation for communism; wrote the communist manifesto

proletariat

working class; the "the have-nots"

david ricardo

influential british laissez-faire economist; claimed the poor had to many children

adam smith

asserted free market; author of the wealth of nations