Industrial Revolution List 1

industrial Revolution

period beginning in the 1700s in which production shifted from simple hand tools to complex machinery and sources of energy shifted from human or animal power to steam and electricity.

Capital

money or wealth used to invest in business or enterprise

Entrepreneur

person who assumes financial risk in the hope of making a profit

Urbanization

movement of people from rural areas to cities

Tenement

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

Free Market

market regulated by natural laws of supply and demand

Means of Production

farms, factories, railways, and other large businesses that produce and distribute goods

Communism

form of socialism advocated by Karl Marx; according to Marx class struggle was inevitable and would lead to the creation of a classless society in which all wealth and property would be owned by the community as a whole.

Proletariat

working class

Socialism

system in which the people as a whole rather than private individuals own all property and operate all businesses