Chapter 9 Study Guide Modern World History – Flashcards
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Factors of production
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These were the resources needed to produce goods and service that the Industrial Revolution required. They included land, labor, capitol, and services. (LLCS)
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Factory
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buildings that contain machinery for manufacturing
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Entrepreneur
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someone who organizes, manages, and takes business risks
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Urbanization
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the growth of cities and the migration of people into them making it more urban.
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Middle class
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A social class made up of skilled workers, professionals, business people, and wealthy farmers
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Textile
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A type of cloth or woven fabric.
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Corporation
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a business owned by stockholders who share in its profits but are not personally responsible for its debts.
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Laissez Faire
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the idea that government should not interfere with or regulate industries and businesses
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Adam Smith
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Scottish economist who advocated private enterprise and free trade in his book The Wealth of Nations (1723-1790)
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capitalism
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an economic system based on private ownership of capital - an economic system in which money is invested in buisness ventures with the goal of making a profit.
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Utilitarianism
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the theory, proposed by Jeremy Bentham in the late 1700's, that government actions are useful only if they promote the greatest good for the greatest number of people.
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Socialism
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an economic system in which the factors of production are owned by the public and operate for the welfare of all.
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Karl Marx
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A German journalist introduced a type of socialism called Marxism -founder of modern communism
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Communism
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a form of socialism that abolishes private ownership
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Strike
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stop work in order to press demands
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Imperialism
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A policy in which a strong nation seeks to dominate other countries politically, economically, or socially
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collective bargaining
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negotiation between an employer and trade union.
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Jethro Tull
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Saw that scattering seed on the ground was wasteful since many failed to take root. So, he created the seed drill in about 1701
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Cotton Gin
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A machine for separating cotton from its seeds.
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Steam engine
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An engine that uses the expansion or rapid condensation of steam to generate power
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Samuel Slater
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Smuggled to the United States the design of a spinning machine.
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Agricultural Revolution
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a significant change in agriculture that occurs when there are discoveries, inventions, or new technologies that change production
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Union
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an association of workers, formed to bargain for better working conditions and higher wages.
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Communist Manifesto
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The writings of a German Journalist named Karl Marx introduced the world to a radical type of socialism called Marxism
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Lowell Massachusetts
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a booming manufacturing center and a model for other such towns. Thousands of workers, mostly young single women, flocked from their rural homes to work as mill girls in factory towns like lowell. -12 hour days, six days a week; decent wage; good opportunity
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