Industrial Revolution Vocabulary

Labor

Definition; work performed by people that provides the goods or services in an economy.

Capital

Definition; money available for investments.

Entrepreneur

Definition; a person who finds new business opportunities and new ways to make profits.

Cottage Industry

Definition; a method of production in which tasks are done by individuals in their rural homes.

Fossil Fuel

Definition; a fuel (such as coal, oil, or natural gas) formed in the earth from plant or animal remains.

PuddIing

Definition; the process in which coke derived from coal is used to burn away impurities in crude iron to produce high quality iron.

Industrial Capitalism

Definition; an economic system based on industrial production or manufacturing.

Socialism

Definition; a system in which society, usually in the form of the government, owns and controls the means of production.