| A | B |
|---|
| Mercantilism | economic theory that a country's power is based on its wealth |
| Commercial Revolution | Cheange in economic practices from 1500 to 1700 |
| exports | goods sold to another country |
| imports | goods bought from another country |
| balance of trade | # of imports v. # of exports |
| Henry Bessemer | incentor of beter process for making steel |
| Edward Jenner | developed vaccination |
| Eli Whitney | inventor of cotton gin |
| Louis Pasteur | Discovered Bacteria and a way to guard against it (pasteurization) |
| Industrial Revolution | 1750-1860 dramatic inrease in manufactured goods |
| Capitalism | economic theory based on open competition and free enterprise |
| Socialism | government owns some aspects of the economy and rules in the interes of the people |
| Communism | extreme socialism, the government owns all aspects of industry |
| "Laissez-Faire" | "leave alone" idea that the government should not get involved in the economy |
| Karl Marx | author of Communist Manifesto, the founder of communism |
| Adam Smith | Author of the Wealth of Nations...defending capitalism |
| Cottaage industries | work done in the home |
| enclosure movement | practice of converting common land to private fields |
| Labor Unions | organization that spoke for members of same trade/job |
| Collective bargaining | negotiations between labor unions and management for wages and conditions |
| suffrage | right to vote |
| proletariat | working class |
| bourgeosie | factory owners |
| James Hargreaves | invented "Spinning Jenny" making it easier to create thread |
| tariff | taxes on imports designed to increase a country's balance of trade |
| strikes | tactic where labor unions refuse to work until demands are met |
