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factor of production
Land, labor, and capital; the three groups of resources that are used to make all goods and services for the economy
Cotton Gin
A machine for cleaning the seeds from cotton fibers, invented by Eli Whitney in 1793. It increased cotton production and slavery in the United States tenfold.
James Watt's Steam Engine
First used to efficiently pump flooded mines, allowed factories to be placed off of rivers, and led to inventions in transportation
Water Frame (Richard Arkwright)
a spinning machine that could be powered by water. The first machine to use water as an energy source.
Spinning Jenny (James Hargreaves)
Increased speed of thread production - workers could make multiple threads at a time
telegraph (Samuel Morse)
one of the most important advances in communications. sent messages using electric currents
Natural resources Great Britain had internally and in their colonies that promoted the Industrial revolution.
Coal, Iron, Cotton
Enclosure system and Enclosure Act
Public fields were enclosed by fences, hedges, & walls by private owners. This allowed owners to use the land as they wanted with improved farming techniques, but it also led to a landless working class who were pushed into cities.
Capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Laissez Faire Capitalism (Market Economy)
This was the economic system that was used during
the Industrial Revolution, stating that there should be a hands off approach to the economy - no government intervention.
Invisible Hand Theory
Adam Smith's theory that the actions and competition between independent, self-interested buyers and sellers will often result in the most efficient and productive economy.
Industrialism
an economic system built on large industries rather than on agriculture or craftsmanship
cottage industry
Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.
Textile Industry
Industries primarily concerned with the design or manufacture of clothing as well as the distribution and use of textiles. This was the first industry to boom in the Industrial Revolution
Urbanization
Movement of people from rural areas to cities and the growth of cities. This occurred as people were pushed from the countryside as they no longer could use the common land. They also could not compete with factory production.
Effects of Urbanization
overcrowded and unorganized cities, no regulations to help keep cities safe and sanitary, unsafe transportation, unsafe housing like tenements, poverty, unsanitary conditions, diseases like cholera spread, pollution
Karl Marx's conflict theory
conflict exists between the two classes- owners and workers.
The proletariat (workers) put an end to their exploitation by overthrowing the class of owners (bourgeosie) and taking over the ownership of property in their own hands.
Eventually, capitalism is replaced by communism where there is no private ownership of property and everybody shares in the wealth according to needs.
Socialism
A system in which the government owns and controls the means of production to regulate the economy and to create more equality.
Communism
a form of socialism that abolishes private ownership, where all the factors of production are owned by the publish and operate for the welfare of all.
Child Labor
Children were viewed as laborers throughout the 19th century. Many children worked on farms, mines, and factories. They faced horrible conditions, long hours, exploitation, and no education.
Sadler Report (1832)
Led by Michael Sadler, the Report that showed the horrors of child labor as a result of industrialization. Led to child labor laws, such as requiring students attend school.
Factory Act of 1833
An act that limited the factory workday for children between nine and thirteen years of age to eight hours and that of adolescents between fourteen and eighteen years of age to twelve hours. Mandatory 2 hours of public schooling. Hired investigators to uphold the law.
Mines Act of 1842
English law prohibiting underground work for all women and girls as well as for boys under ten.
Unions
An association of workers, formed to bargain for better working conditions and higher wages.