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Industrial Revolution
Vocabulary for the Industrial Revolution
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Collective bargaining,  | When union leaders meet with an employer to discuss problems and make an agreement between the business and the workers |
Industry,  | The production of goods and services (instead of farming) |
Goods,  | Products made for sale |
Service,  | Work performed for money |
Domestic System,  | A system of labor where people made goods in their homes |
Manufacture,  | To turn raw material into a finished product |
Land,  | Natural resources |
Labor,  | Human effort |
Capital,  | Man-made tools that help produce goods and services (ex. machines) |
(Financial) Capital,  | Money available to invest in business (to buy machines, factories, etc.) |
Labor union,  | A group that protects workers, how much money they make and the conditions they work in |
Entrepreneur,  | Someone who starts a business |
Factory System,  | Workers and machines were in one building (instead of in homes) with a manager in charge |
Capitalism,  | People, not the government, control work and earn money |
Interchangeable parts,  | Machine-made parts that are exactly the same |
Division of labor,  | Each worker has only one task to do |
Partnership,  | When two or more people start a business together instead of starting their own businesses |
| Corporation | A business where regular people can buy stocks and own part of the company |
Depression,  | When banks run out of money and people can't find work |
Business Cycle,  | Changing periods of time when businesses make a lot of money and then lose money |
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