| A | B |
|---|
| revolution | implies a sudden or drastic change |
| industrial revolution | a sudden or drastic change in how industries worked and how products were made (started around 1750) |
| cottage system | small industries situated ina person's home or office rather than a large factory. This was mostly replaced by the industrial revolution. |
| frontier | farthest part of a settled country, where the wild begines. |
| Capital | is the money or property that can be invested in an industry. Most often, this is an economic surplus generated by the industry in which it is re-invested. |
| Standard of living | describes the degree to which people are able to satisfy their wants as well as their basic needs. |
| Capitalists | are people who own a country's means of production, for example, land and factories. Capitalists compete with one another to produce goods and services in a free market for whatever profit can be made. |
| Unions | are groups of workers joined together to protect or promote their common interests. |
| Individualism | is a theory that individual freedom is just as important as the welfare of the community or the group as a whole. It wften involves the absence of cooperation. |
| Social mobility | is the ability of individuals to move out of an economic class they were born into. This is possible in a society where individual success is valued. |
| Creative innovation | occures when something that does not exist is imagined, then produced. |
| Napoleonic Wars | 1803-1814, occurred because Napoleon I strove to create an empire with France at its centre. Other European states went to war in order to preserve their own independance. |
| Entrepreneurs | are people who manage a business or an industrial enterprise with the intent of making a profit, but at the risk of taking a loss. |
| Tariffs | are lists or schedules of duties or taxes imposed by the government on imports and, sometimes exports. |
| Captive Market | is a community of consumers restricted to buying products produced within that community. |
| Means of Production | refers to the method used to create or produce something. Sometimes the method is industrial, sometimes it is not. |
| Industrialization | is the development of large industries in a country. |
| Merchantilism | is the system of political economy that replaced fuedalism. It involved having a greater amount of exports that imports, which promoted colonization |
| Craftsperson | someone who is highly skilled in the techniques of an art or craft |
