Oak Grove Global Studies Industrial Revolution

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Industrial Revolution

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The rapid development of industry that occurred in Britain in the late 18th and 19th centuries, brought about by the introduction of machinery. It was characterized by the growth of factories, and the mass production of manufactured goods

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Factors of Production

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Factors of production are the four fundamental requirements for the production of services and goods and services in any economy. There are four of them: capital, land, entrepreneurship, and labor.

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Urban (Urbanization)

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relating to towns and cities
(An increasing concentration of the population in cities)

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Rural

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relating to the countryside

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Agriculture

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Farming and/or raising animals (livestock)

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Working Class

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the social group consisting of people who are employed for wages, esp. in manual or industrial work.

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Middle Class

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the social group between the upper and working classes, including professional and business workers.

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Corporation

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A company recognized by law to exist independently from its owners, with the ability to own property, borrow money, sue, or be sued

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Stock

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A share of ownership in a business or corporation. They are often traded on public exchanges.

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Laissez Faire

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a policy or attitude of letting things take their own course, without interfering.

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Capitalism

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an economic and political system in which a country's trade and industry (means of production) are controlled by private owners for profit, rather than by the state.

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Socialism

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a political and economic system that advocates that industry and trade should be owned or regulated by the community as a whole and operated for the public good.

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Communism

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a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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Utilitarianism

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The doctrine that an action is right insofar as it promotes happiness, and that the greatest happiness for the greatest amount of people should be the guiding principle of conduct.

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Liability

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a thing for which someone is responsible, especially a debt or financial obligation