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22 Cards in this Set
- Front
- Back
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What is the industrial revolution?
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A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700's
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What is the Enclosure Movement?
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A process in Europe from 1700's to the mid-1800s where landowners fenced small fields to create large farms, allowing for more efficient farming methods and increase the food supply.
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What are the Factors of Production?
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The basic resources for industrialization, such as necessary land, labor and capital.
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Cottage Industry
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A usually small-scale industry carried on at home by family members using their own equipment.
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factory
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A place where goods are manufactured in mass quantity.
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Industrial Revolution
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A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s
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Labor Union
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An organization representing workers' interests
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Strike
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A work stoppage
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Mass Production
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the system of manufacturing large numbers of identical items
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Assembly Line
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A mass-production process in which a product is moved forward through many work stations, where workers perform specific tasks
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Interechangeable Parts
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Identical parts that can replace each other
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Socialism
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A political and economic system in which society, usually in the form of the government, owns the means of production.
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Communism
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Economic and political system in which the government owns the means of production and controls economic planning; a socialist economic system without social classes.
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Laissez-Faire
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A business system where companies are allowed to conduct business without interference by the government
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Entrepreneur
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A risk taker who starts a new business within the economic system of capitalism
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Standard of Living
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A measure of the quality of life
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Jethro Tull
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He perfected a horse-drawn seed drill in 1701 that economically sowed the seeds in neat rows
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Richard Arkwright
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inventor of the industrial cotton spinning mill
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Eli Whitney
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Invented the cotton Gin
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Andrew Carnegie
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Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry
Rags to Riches story |
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Karl Marx
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Published Das Kapital; Father of Modern Communism; With Friedrich Engels wrote The Communist Manifesto
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Adam Smith
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Wrote The Wealth of Nations
Advocate of laissez faire economics Father of modern economics |
