5.1 Industrial Revolution Terms

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Industrialism

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40 Terms

1

Industrialism

An economic system where machines do work that was once performed by animals or humans

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2

Corporation

A type of company that sells shares in the company to investors

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3

Agricultural Revolution

period of technological improvement and increased crop productivity that occurred during the 18th and early 19th centuries in Europe

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4

Enclosure Movement

wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land

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5

Crop Rotation

The successive planting of different crops on the same land to maintain soil fertility and help control insects and diseases.

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6

Domestic System

a system of manufacturing based upon work done at home on materials supplied by merchant employers

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7

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

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8

Urbanization

the process of making an area more city like

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9

Monopoly

the exclusive possession or control of the supply or trade in a commodity or service.

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10

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.

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11

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

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12

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

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13

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

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14

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

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15

Trade Unions

an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.

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16

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.

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17

Means of Production

the facilities and resources for producing goods.

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18

Textile

raw materials used for making fabrics

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19

Industrialization

an area or country develops a strong manufacturing sector

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20

Raw materials

natural material that is used by human industry to create a product

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21

Factory

an industrial building where workers manufacture goods or supervise machines that produce products

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22

Entrepreneur

a person who takes the risk of organizing and operating a new business

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23

Command Economy

an economic system in which prices and supplies are determined by the government

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24

Market Economy

an economic system in which prices are determined by market prices

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25

Capitalism

an economic system with private ownership of means of production(like U.S.)

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26

Free Enterprise

business competing for customers or markets

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27

Supply and Demand

how much of something there is and how much something is wanted

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28

Laissez-faire

the idea that government should do nothing for the economy

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29

Labor Union

an organization of workers that is set up to protect its members interests in terms of wages, benefits, working hours, and conditions

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30

Strike

when workers stop working in order to make demands on their employer

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31

Industrial Revolution

A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s

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32

Colonization

The expansion of countries into other countries where they establish settlements and control the people

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33

Imperialism

A policy of extending a country's power and influence through diplomacy or military force.

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34

innovation

An improvement of an existing technological product, system, or method of doing something.

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35

John Stuart Mill

Arguably the most famous English philosopher and politician of the 1800s. Champion of liberty over unlimited state control.

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36

Adam Smith

Scottish economist who wrote the Wealth of Nations a precursor to modern Capitalism. Promoted Laissez-faire and open market

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37

strike

Nonviolent refusal to continue to work until a problem is resolved.

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38

assembly line

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

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39

Karl Marx

19th century philosopher, political economist, sociologist, humanist, political theorist, and revolutionary. Often recognized as the father of Communism.

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40

Suffrage

the right to vote

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