Industrialism
An economic system where machines do work that was once performed by animals or humans
Corporation
A type of company that sells shares in the company to investors
Agricultural Revolution
period of technological improvement and increased crop productivity that occurred during the 18th and early 19th centuries in Europe
Enclosure Movement
wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land
Crop Rotation
The successive planting of different crops on the same land to maintain soil fertility and help control insects and diseases.
Domestic System
a system of manufacturing based upon work done at home on materials supplied by merchant employers
Factory System
the system of manufacturing that began in the 18th century with the development of the power loom and the steam engine and is based on concentration of industry into large establishments
Urbanization
the process of making an area more city like
Monopoly
the exclusive possession or control of the supply or trade in a commodity or service.
Flying Shuttle
one of the key developments in the industrialization of weaving during the early Industrial Revolution. It allowed a single weaver to weave much wider fabrics, and it could be mechanized, allowing for automatic machine looms.
Patent
the endowment of exclusive rights by a government to an individual, concerning the processing, designing or invention of an entity for a specified time period
Steam Engine
invention and refinement of steam engines played a central role in the development of the Industrial Revolution during the late 1700s and early 1800s in England, Europe, and North America
Mass Production
changed the way things were made as new machines invented in the 1700s and 1800s meant it was possible to mass produce goods in factories
Assembly Line
a manufacturing process (most of the time called a progressive assembly) in which parts (usually interchangeable parts) are added as the semi-finished assembly moves from workstation to workstation where the parts are added in sequence until the final assembly is produced
Trade Unions
an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Socialism
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Means of Production
the facilities and resources for producing goods.
Textile
raw materials used for making fabrics
Industrialization
an area or country develops a strong manufacturing sector
Raw materials
natural material that is used by human industry to create a product
Factory
an industrial building where workers manufacture goods or supervise machines that produce products
Entrepreneur
a person who takes the risk of organizing and operating a new business
Command Economy
an economic system in which prices and supplies are determined by the government
Market Economy
an economic system in which prices are determined by market prices
Capitalism
an economic system with private ownership of means of production(like U.S.)
Free Enterprise
business competing for customers or markets
Supply and Demand
how much of something there is and how much something is wanted
Laissez-faire
the idea that government should do nothing for the economy
Labor Union
an organization of workers that is set up to protect its members interests in terms of wages, benefits, working hours, and conditions
Strike
when workers stop working in order to make demands on their employer
Industrial Revolution
A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s
Colonization
The expansion of countries into other countries where they establish settlements and control the people
Imperialism
A policy of extending a country's power and influence through diplomacy or military force.
innovation
An improvement of an existing technological product, system, or method of doing something.
John Stuart Mill
Arguably the most famous English philosopher and politician of the 1800s. Champion of liberty over unlimited state control.
Adam Smith
Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism. Promoted Laissez-faire and open market
strike
Nonviolent refusal to continue to work until a problem is resolved.
assembly line
Production method that breaks down a complex job into a series of smaller tasks
Karl Marx
19th century philosopher, political economist, sociologist, humanist, political theorist, and revolutionary. Often recognized as the father of Communism.
Suffrage
the right to vote