Industrial Revolution - Vocab

Industrial Revolution

The economic revolution that was a rapid development of industry that began in England in the late 1700s and continued through the 1800s. It was brought about by the introduction of machinery and characterized by the use of steam power, the growth of factories, and the mass production of manufactured goods.

industrialization

the process of developing machine production of goods

urbanization

the process of building and developing cities and of people moving to cities

means of production

the resources needed to produce good and services that the Industrial Revolution required

entrepreneur

a person who organizes, manages, and takes on the risks of a business

textile

a type of cloth or woven fabric

proletariat

the laboring class; especially the class of industrial workers who lack their own means of production and hence sell their labor to live. the lowest social or economic class of a community

capitalism

an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit (more money)

socialism

an economic system in which the means of production are owned by the public and operate for the welfare of all

communism

a form of complete socialism in which the means of production - all land, mines, factories, transportation, and businesses - would be owned by the people. private property (factories and the other means of production; not personal property) would cease to exist; all goods and services would be shared equally

labor union

an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests