| A | B |
|---|
| mercantilism | A method by which the British were able to maintain economic control of its colonies. Exporting of raw materials from the USA and then selling back the finished product for a higher price |
| cottage industry | small businesses situated in a person's home or office rather than in a large factory |
| industrialization | the development of large industries in a country |
| enclosure acts | British farms were consolidated in order to make farming more efficient. Resulted in loss of farms for many poor/small farmers |
| craftsperson | Someone who ws highly skilled in the techniques of a craft or art |
| capital | The money or property that can be invested in an industry |
| capitalist | People who own a country's means of production (land and factories). Capitalists compete with each other to produce goods and services in a free market economy |
| individualism | Theory that individual freedom is just as important as the welfare of the community or the group as a whole. |
| entrepreneur | People who take a risk in order to start-up and run their own business |
| quality of life | How we feel about our life; level of happiness and satisfaction |
| standard of living | describes the degree to which people are able to satisfy their wants as well as their basic needs |
| factory system | Replaced the cottage system; people now left their homes to work in factories |
| revolution | drastic and sudden change |
| Industrial Revolution | Period of slow economic growth replaced by a period of fast economic growth; the development of heavy industry |
| generalized worker | Before the I.R. people made all their food and goods at home ("Jack of all Trades") |
| specialized worker | During the I.R. people no longer made their own goods. They would leave their home to work in a factory where they would "specialize" at one specific job |
| skilled worker | Before the I.R. people could perform a variety of tasks in a variety of areas. Usually a worker completed the product from start to finish |
| unskilled worker | Workers would learn only one specific task and that task was only one component on an assembly line that contributed to the finished product |
| textile industry | deals with the production of cloth; the first industry to industrialize |
| mass production | Techniques for making large numbers of identical products by machine |
| transportation | Means of moving products or people from one location to another. This provides a link between producers and suppliers |
| apprenticeship | A program which prepares young workers for the workforce through practical work experience |
| division of labour | The division of manufacturing activities into a number of small steps |
| mechanization | the change and improvement of machines; machines replacing human workers |
| alienation | The feeling that an activity lacks meaning and purpose; can result in frustration, indifference and apathy |
| patent | Grants and inventor ownership of an invention |
| Eli Whitney | Responsible for the idea of interchangeability of parts |
| Luddites | In the early 1800s some people protested the factory system; they broke machines and many were executed |
| spinning jenny | Marked the beginning of the I.R. |
| unions | groups of workers joined together to protect or promote their common interests |
