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Industrial Revolution - terms/names

Term.s and names associated with the spread of industrialism in the modern world

Division of Laboreach worker performs a specialized duty for more efficient production
Adam SmithAdvocate of Capitalism and author of Wealth of Nations
Labor Unionsassociations of workers who join together to strengthen their positions on wages, working conditions,etc
ProletariatThe wage-earning worker in Marx's class struggle
BourgeoisieThe owner of the means of production
Means of ProductionRailroads, Mines, Factories
Factors of ProductionResources needed to produce goods (Land, Labor, Capital)
Laissez fairethe idea that government should not interfere or regulate business
Urbanizationrapid growth of cities
Factory systemUsing machines to produce goods in one central location
Enclosure MovementThe buying of many smaller farms to create large mechanized farms
EntrepreneurThe person who organizes, manages, and takes on the risks of a business
Corporationa business owned by stockholders who share in its profits
Capitalismeconomic system in which money is invested in business ventures with the goal of making a profit
Crop Rotationsystem of growing crops in a different field each year
Enclosuresfenced-in or hedged-in fields created by wealthy British land owners
Middle Classsocial class made up of skilled workers, professionals, business people, and wealthy farmers
Stocka certain right/portion of ownership in a corporation
Corporationbusiness owned by stockholders who share in its profits but are not personally responsible for its debts
Moses Brownopened first factory in the United States - Pawtucket, RI
textilecloth or fabric made by weaving
raw materialswhat colonial pwers wanted from their colonies
factorieswhere goods are made by machines
importedbrought in from one country to another
labor unionsworkers who join together to protect their wages
imperialismconquering other lands
industrial revolutionmaking goods by machine instead of by hand
investorspeople with money who backed new businesses
steam enginecompletely changed transportation
child laborchildren employed in factories for low wages

~ Social Studies ~
Academy of Information Technology & Engineering
Stamford, CT

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