5.1 Industrial Revolution Terms

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