Industrial Revolution and Business Organizations Vocabulary (test tuesday 9/1/26)

Vocabulary flashcards covering key business terms, inventors, economic systems, and historical concepts from the Industrial Revolution notes.

Partnership

A business structure where two people combine their money to form a business.

Corporation

A company owned by stockholders who buy shares in a company.

Business cycle

Alternating periods of business expansion and decline.

Depression

The lowest point of a business cycle.

Samuel morse

Inventor who created the telegraph, which used Morse code.

Alexander grahmbell

Inventor who created telephones.

Thomas Edison

Inventor who created the lightbulb and phone@graph (record player).

Wright Brothers

Inventors of the first motorized airplane.

Industrial Revolution

The era when machines and factories replaced work done in homes.

Domestic System

A labor system in which the entire family worked to produce goods in the home.

James Watt

Inventor who created the steam engine.

Henry Cort

Person who introduced a method of using coal to produce higher quality iron.

Bessemer process

A method created by William Kelley and Henry Bessemer to use iron to make steel.

Robert Fulton

Inventor of the steam boat.

Samuel Slater

Person who smuggled industrial ideas from Great Britain to the United States.

Capitalism

An economic system where individuals own the means of production.

Mass production

Producing a lot of an identical good.

Interchangeable Parts

Man-made parts that were exactly alike and easy to assemble, introduced by Eli Whitney.

Frederick Taylor

Pioneer of scientific management whose work led to the division of labor and the assembly line.

Division of labor

Work organization where each person has a specific job to do.

Assembly line

A line of factory workers that stand in front of a conveyor belt and make a product as it goes by.

Henry Ford

Individual who developed the assembly line for making cars.

Socialism

An economic system where workers own the means of production.

Communism

An economic system where the government owns the means of production.

Enclosure movement

The movement that caused small farmers to move to the cities.

Capital

Money to invest, which helped Great Britain lead the way in the Industrial Revolution.

Entrepreneurs

Ambitious risk-takers in the middle and upper classes who organized and managed Great Britain's growing industries.

Eli Whitney

Inventor who created interchangeable parts and the cotton gin.

John Kay

Creator of the flying shuttle used in the textile industry.

Edmund Cartwright

Creator of the power loom used in the textile industry.

Factory System

An organized method of production that brought workers and machines together under the control of managers.