| A | B |
|---|
| enclosure movement | combined rural estates |
| domestic system | labor production done in homes |
| entrepreneur | businessman |
| capital | money to invest in labor, machines, and raw materials |
| natural resources | fast flowing rivers ; iron ore & coal |
| John Kay | invented flying shuttle |
| James Hargreaves | invented spinning jenny |
| Richard Arkwright | invented water frame |
| Samuel Crompton | invented spinning mule |
| Edmund Cartwright | invented power loom |
| Eli Whitney | invented cotton gin |
| factory system | machine production system where managers control workers |
| James Watt | invented steam engine |
| Henry Bessemer | developed inexpensive steel production |
| industrial capitalism | continuously expanding factories or investing in new businesses |
| Adam Smith | wrote THE WEALTH OF NATIONS |
| capitalism | free enterprise system |
| laissez-faire | government does not interfere with business production |
| invisible hand | what Smith said guided all businesses to make the best affordable product at a profit |
| interchangeable parts | began with Eli Whitney gun assembly |
| Frederick Taylor | used stop watch to improve production on assembly line |
| division of labor | each worker performed specialized task on assembly line |
| Henry Ford | used assembly line for mass production of cars |
| partnership | 2 or more share management and debt liability in a business |
| corporation | shareholding stockholders vote on business decision and there is limited liability |
| depression | lowest point of the business cycle |
| Samuel Morse | invented telegraph |
| Guglielmo Marconi | invented wireless telegraph leading to radio |
| Alexander Graham Bell | invented telephone, hydroplane, circular kite |
| Rudolph Diesel | invented oil burning internal engine |
| Thomas Edison | invented light bulb, phonograph, railroad crossing signals, the storage battery |
| Gottlieb Daimler | invented the gasoline internal combustion engine |
| Wilbur & Orville Wright | invented airplane, 1903 |
| labor unions | worker associations formed for better working conditions and higher wages |
| collective bargaining | trade union leaders and employers meet to discuss problems & reach agreement |
