| A | B |
|---|
| Industrial Revolution | Great increase in machine production that began in England in the 18th Century |
| enclosure | large closed-in field for farming |
| crop rotation | planting a different crop in a different field each year |
| industrialization | process of developing machine production of goods |
| factors of production | conditions needed to produce goods and services |
| factory | building where goods are made |
| entrepreneur | person who organizes, manages, and takes on the financial risk of a business enterprise |
| Why was Britain/England the 1st country to industrialize? | improved farming methods and hadd the resources/factors of production (coal, iron ore, water/rivers, harbors and banks |
| How was the textile industry changed by the new inventions? | moved out of homes/cottages into factories because of size of machines |
| What effects did the invention of the steam engine have? | helped power machines in factories and led to breakthroughs in transportation on land and water |
| urbanization | city building and the movement of people to cities |
| middle class | a social class of skilled workers, professionals, business people, and wealthy farmers |
| stock | right of ownership in a company called a corporation |
| corporation | business owned by stockholders who share in its profits but are not responsible for its debts |
| What were major changes in living conditions and working conditions (in Britain)? | urbanization (better food, clothes, coal to heat homes) dangerous working conditions and poor living conditions (shorter life span) |
| What were three positive effects of industrialization? | created jobs and wealth, better diets, better housing, and low priced clothing overtime |
| Why is Manchester a good example of how industrialization changed cities? | crowed and filthy, bussinessmen risked for big profits, workers worked long hours few rewards |
| How did industrialization begin in the United States? | began in the textile industry (had resources needed for industrialization) |
| Which nations in Europe (After Britain) industrialized first, and why? | (Belgium (rich in iron ore/coal and had good waterways) Germany (had ruhr Valley rich in resources) |
| How did industrialization lead to imperialism? | European nations needed raw materials for factories and markets for goods (hoped to get both from colonies) |
| laissez faire | economic theory that argues that governments should not interfere with business affairs |
| Adam Smith | Philosopher who defended laissez-faire economics |
| capitalism | economic system in which people invest money to make a profit |
| utilitarianism | belief that an idea is only as good as it is useful |
| socialism | belief that businesses should be owned by society as a whole |
| Karl Marx | Economic thinker who wrote about a radical form of socialism |
| communism | form of socialism in which all production is owned by the people |
| union | organized groups of workers that bargainwith business owners to get better pay and working conditions |
| strike | organized refusal to work |
| How does capitalism work? | people invest their money to make a profit |
| How are capitalism and socialism different? | C=a few get wealthy S=all enjoy the benefits of production |
| How did both the government and workers temselves try to improve workers' lives? | G=passed laws to limit how much women and children work, W=unions/strikes for better working conditions/pay |
| Name two major reform movements of the 1800s | abolition of slavery, equal rights for women/improved prison conditions |
