| A | B |
|---|
| Industrial Revolution | the period of technological advances, beginning in the 1700's, that forever changed the way people live and work. |
| crop rotation | alternating the kind of crops planted in a field from year to year |
| textile | cloth |
| cottage industry | when people would work in their small homes, or cottages, to make cloth from cotton and wool supplied to them by a merchant. |
| factories | large building where goods are made |
| patent | a legal document guaranteeing that only the inventor has the right to make and sell the new idea or product |
| entrepreneur | a person who takes a financial risk by putting up money to star a business |
| rolags | rolls of wool to be spun |
| walking wheel | a high wheel used in spinning; the spinner has to walk back and forth |
| johnnycake | a kind of bread made with cornmeal |
| traditional economy | an economy that does not see much change over time |
| command economy | an economy in which the government owns almost all land and natural resources. The government tells how much workers earn and how much goods will cost |
| market economy | the people decide which goods and services they will buy |
| demand | in economics, the amount of a good or service that people will buy |
| supply | amount offered for sale |
| capitalism | an economic system in which individuals invest money, or capital, in businesses |
| laissez-faire | letting the economy continue without interference from the government |
| utopians | believers in the perfect society |
| socialism | the government owns all industries and runs them for the benefit of all of the people |
| strike | the action of refusing to work until certain requirements are met |
| labor unions | an organized workers' group whose goal is to ensure good working conditions and fair treatment by employees |
| free enterprise | a system in which people choose how they make and spend their money |
