Term 2: Industrial Revolution

Urbanization

the growth of cities due to movement of people from rural areas to cities

Capitalism

An economic system based on private property and free enterprise/ free markets. Goal: Profits

mass production

Process of making large quantities of a product quickly and cheaply

factory

A large building in which machinery is used to manufacture goods

laissez-faire

Hands off. No government intervention in business.

industrialize

to change an economy to rely more on manufacturing and less on farming

social classes

a division of a society based on social and economic status. Ex: Wealthy class, middle class, lower class

Textiles

a type of cloth or woven fabric

Communism

An economic system where the government owns and controls the economy. Goal: Equality

Agricultural Revolution

A time when new inventions such as the seed drill and the steel plow made farming easier and faster. The production of food rose dramatically.

cottage system

production of goods within people's homes using hand tools

Enclosure Movement

practice of fencing or enclosing the COMMON lands into individual holdings

steam engine

an engine that burns coal and uses the expansion or rapid condensation of steam to generate power.

rural

countryside

Rural-urban migration

the movement of people from the countryside to the city

Spinning Jenny

A machine that could spin several threads at once

Entrepreneur

A person who starts up and takes on the risk of a business

labor

to work

Capital

money for investment

Adam Smith

Enlightenment philosopher - "Father of Capitalism"; Free markets; Laissez-faire economics (no government intervention)

Karl Marx

Father of Communism

Meiji Restoration

the modernization and industrialization of Japan in the 1800's

Industrial Revolution

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

cottage system

the process of producing goods by hand at home

Capital

money for investment

canal

an artificial waterway

Tenement

A building in which several families rent rooms or apartments, often with little sanitation or safety

import

bring (goods or services) into a country from abroad for sale.

import

to carry (goods or services) IN to your country for sale

export

send (goods or services) OUT to another country for sale.