Industrialization and Economic Concepts

Flashcards covering key concepts related to industrialization and economic development.

Industrialization

The process of developing industries in a country or region on a wide scale.

Economy

The large set of inter-related production and consumption activities that aid in determining how limited resources are allocated.

Textile

A type of cloth or fabric, especially produced in the textile industry.

Cottage industry vs Factory Industry

Cottage industry refers to small-scale production typically done at home, while factory industry involves large-scale production in centralized locations.

Mass production

The manufacturing of large quantities of standardized products, often using assembly lines.

Child labor

The practice of employing young children in industry or business, often under harsh conditions.

Enclosure movement

The legal process in England of enclosing a number of small landholdings to create one larger farm.

Labor unions

Organizations of workers formed to protect and advance their rights and interests.

Factory conditions

The working environment in factories, often characterized by long hours, low pay, and unsafe conditions.

Strike

A work stoppage caused by the mass refusal of employees to work, usually to enforce demands for better working conditions.

The triangular trade

A historical trade system between Europe, Africa, and the Americas, involving the exchange of goods and slaves.

Mercantilism

An economic theory that emphasizes the importance of accumulating monetary reserves through a positive balance of trade.

The Gilded Age

A period in American history from the late 19th century characterized by rapid economic growth and societal issues.

Immigration

The action of coming to live permanently in a foreign country, significant during periods of industrialization.

Assembly line

A production process that breaks down a manufacturing task into a series of smaller tasks.

Laissez-faire

An economic philosophy of free-market capitalism that opposes government intervention.

Horizontal integration

A business strategy where a company acquires its competitors to increase market share.

Vertical integration

A strategy where a company expands its operations to control its supply chain.

Trust

A set of companies managed by a single board of trustees, often used to form monopolies.

Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings.

Corporation

A legal entity that is separate and distinct from its owners, providing them limited liability.

Monopoly

The exclusive possession or control of the supply of or trade in a commodity or service.

Sherman Antitrust Act

A landmark federal statute in U.S. antitrust law passed in 1890 to prohibit monopolistic practices.

The Chinese Exclusion Act

An 1882 U.S. law that prohibited all immigration of Chinese laborers.

Transcontinental Railroad

A rail connection across the United States that transformed commerce, travel, and settlement.

Industrialization

The process of developing industries in a country or region on a wide scale.

Economy

The large set of inter-related production and consumption activities that aid in determining how limited resources are allocated.

Textile

A type of cloth or fabric, especially produced in the textile industry.

Cottage industry vs Factory Industry

Cottage industry refers to small-scale production typically done at home, while factory industry involves large-scale production in centralized locations.

Mass production

The manufacturing of large quantities of standardized products, often using assembly lines.

Child labor

The practice of employing young children in industry or business, often under harsh conditions.

Enclosure movement

The legal process in England of enclosing a number of small landholdings to create one larger farm.

Labor unions

Organizations of workers formed to protect and advance their rights and interests.

Factory conditions

The working environment in factories, often characterized by long hours, low pay, and unsafe conditions.

Strike

A work stoppage caused by the mass refusal of employees to work, usually to enforce demands for better working conditions.

The triangular trade

A historical trade system between Europe, Africa, and the Americas, involving the exchange of goods and slaves.

Mercantilism

An economic theory that emphasizes the importance of accumulating monetary reserves through a positive balance of trade.

The Gilded Age

A period in American history from the late 19th century characterized by rapid economic growth and societal issues.

Immigration

The action of coming to live permanently in a foreign country, significant during periods of industrialization.

Assembly line

A production process that breaks down a manufacturing task into a series of smaller tasks.

Laissez-faire

An economic philosophy of free-market capitalism that opposes government intervention.

Horizontal integration

A business strategy where a company acquires its competitors to increase market share.

Vertical integration

A strategy where a company expands its operations to control its supply chain.

Trust

A set of companies managed by a single board of trustees, often used to form monopolies.

Stock

A type of security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings.

Corporation

A legal entity that is separate and distinct from its owners, providing them limited liability.

Monopoly

The exclusive possession or control of the supply of or trade in a commodity or service.

Sherman Antitrust Act

A landmark federal statute in U.S. antitrust law passed in 1890 to prohibit monopolistic practices.

The Chinese Exclusion Act

An 1882 U.S. law that prohibited all immigration of Chinese laborers.

Transcontinental Railroad

A rail connection across the United States that transformed commerce, travel, and settlement.