| A | B |
|---|
| domestic system | When merchants hire workers to produce goods in thier own homes. |
| Wool and Coal | The first two industries. |
| Life before Industrialization | Based on agriculture, with high death rates and low population growth. |
| England | The first country to fully industrialize. |
| Enclosure movement | Allowed landowners to take over and fence off private and common lands for the production of wool. |
| Capital | Money that is used to invest in labor, machines, and raw materials. and it is essential for the growth of industry. |
| Entrepreneurs | businesspeople |
| Textile Industry | Industry based on the production of clothing |
| Three things necessary for Industrialization | Large labor supply, capital, natural resources. |
| The first industry to to move to the factory system | Textile Industry |
| Factory System | brought workers and machines together under the control of managers. |
| Eli Whitney | came up with the idea of interchangeable parts |
| Robert Fulton | Designed the first steamboat |
| Industrial Capitalism | The idea that money should be continually reinvested in factories and other businesses |
| Division of Labor | Frederick Taylor's idea that workers should perform a specific task on a conveyor belt. This led to the assembly line. |
| Partnerships | A business organization involving two or more entrepreneurs who can raise more capital and take on more business than if each had gone into business alone. |
| Corporation | business organizations owned by stockholders who buy shares in a company. In the 1800's this was the best way to manage business. |
| Depression | The lowest point in the business cycle characterized by bank failures and high unemployment |
| Labor Unions | When workers banned together to take on factory owners to improve pay or working conditions. |
| Collective Bargaining | When union leaders meet with an employer to discuss problems and reach an agreement. |
