| A | B |
|---|
| Industrial Revolution | period when goods were made by machine rather than hand |
| Enclosures | fenced-in or hedged-in fields of wealthy British farmers |
| Jethro Tull | Invented the seed drill in 1701 |
| Crop rotation | growing of different crops in a field each year to preserve the fertility of the land |
| Industrialization | the development of industries for the machine production of goods |
| Factors of production | land, labor and capitol - resources needed to produce goods and services |
| land, labor and capitol | factors of production |
| Flying Shuttle | Invented by John Kay. Doubled the work a weaver could do in one day |
| Spinning Jenny | Invented by James Hargreaves. Allowed one worker to work 8 threads at one time |
| Spinning mule | Invented by Samuel Compton. Combined Spinning Jenny and the Water Frame. Thread was tighter, stronger, finer and more consistent |
| Factories | where wealthy textile merchants set up machines like the spinning mule to mass produce cloth |
| Eli Whitney | Invented the cotton gin - Took most of the work out of separating seeds from raw cotton |
| Cotton Gin | Invented by Eli Whitney |
| James Watt | Made steam engines work faster and more efficiently |
| Entrepreneur | a person who organizes, manages and takes on the risks of a business |
| Clermont | One of the first steam boats made. Built by Boulton and Watt |
| Richard Trevithick | Invented the steam locomotive because of a bet to haul 10,000 tons of iron over 10 miles of track |
| Urbinization | growth of cities and the migration of people into them |
| Elizabeth Gaskell | wrote "Mary Barton" about a dank cellar dwelling |
| Middle class | made up of skilled workers, professionals, business people, and wealthy farmers |
| Working class | laborers who saw little improvement in living and working conditions |
| Alexis de Tocqueville | said "from this filthy sewer pure gold flows" |
| Factory Act of 1819 | restricted working age and hours of children |
| Samuel Slater | went to America and built a spinning machine from memory |
| Francis Cabot Lovell | Revolutionized the American textile industry |
| Stock | certain rights of ownership of a business |
| Corporation | business owed by stockholders who share the profits but not the debt |
| John D. Rockefeller | founded Standard Oil company |
| Andrew Carnegie | Founded Carnegie Steel Company |
| Laissez Faire Economics | government should not interfere with or regulate industries and businesses |
| Adam Smith | wrote "Wealth of Nations" - Defended the idea of a free economy |
| Capitalism | economic system based on private ownership and the investment of money in businesses to make a profit |
| Utilitarianism | idea that government actions are useful only if they promote the greatest good for the greatest number of people |
| Socialism | Charles Fourier introduced -Economic system in which the factors of production are owned by the public and operate for the welfare of all |
| Karl Marx and Friedrich Engel | wrote "The Communist Manifesto" - outlined extreme socialism |
| Communism | economic system where means of production are owned by the people, private property does not exist, goods and services are shared equally |
| Unions | association of workers formed to bargain for better working conditions and higher wages |
| Strike | to refuse to work in order to force an employer to meet certain demands |
| Factory Act 1833 | reformed factory laws |
| William Wilberforce | fought to end slavery in Britain |
| Horace Mann | Wanted public schools for all children |
| Jane Adam | ran settlement houses - community centers fro poor residents of slum neighborhoods |
| Ten Hour Act of 1847 | Women and children in Britain limited to a 10 hour work day |
| Marxisms | Radical type of Socialism |
| Utopian Ideas | Lanark, Scotland and New Harmony, Indiana - where perfect living place was tried by Robert Owen |
| Three Natural Laws of Economics | law of self-interest, law of competition, law of supply and demand- stated by Adam Smith |
| Moses Brown | opened the first factory in the U.S. |
| William Cockerill | brought spinning machine plans to Belgium and help start industrialization there |
| Ruhr Valley in Germany | coal-rich, where industrialization began in Germany |
| Robert Fulton | built the first steamboat - the Clermont |
| John McAdam | Improved roads |
| Liverpool-Manchester RR | 1st RR in Britian - Rocket engine used on RR |
