history vocab 4

Industrial Revolution

period beginning in 1700s where production shifted from handmade tools to complex machinery and sources of energy.

Anesthetic

Drug that prevents pain during surgery

Smelt

Melt in order to get the pure matter away from its waste matter

Capital

Money or wealth used to invest in business or enterprise.

Enclosure

the process of taking over and consolidating land formerly shared by peasant farmers.

Enterprise

Business organization in such areas as shipping, mining, railroads, or factories.

Putting out system

system developed in 18th century in which tasks were distributed to individuals who completed the work in their homes; also known as cottage industry.

Turn pike

Private road built by entrepreneurs who changed a toll for travelers to use it

Urbanization

Movement of people from rues areas to cities

Tenements

Multistory building divided into crowded apartments.

Labor Union

Organization of workers who bargain for better pay and working conditions.

Standard of living

The level of material goods and services available to people in a society.

Social mobility

The ability to move in social class

Free market

Market regulated by natural laws of supply and demand.

Utilitarianism

Idea that the goal of society should be to ring about the greatest happiness for the greatest number of people.

Socialism

System in which people as a whole rather than public individuals own all property and operate all businesses.

Means of production

Farms, factories, railways and other large businesses that produce and make all economic decisions.

Communism

A political and economic system in which government owns all property and makes all economic decisions.

Proletariat

Working class

Social democracy

Political ideology in which there is a gradual transition from capital into socialism instead of a sudden, violent overthrow of the system.

Entrepreneur

Person who organizes and manages his or her own business