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42 Cards in this Set

  • Front
  • Back
a period of social and economic change when societies switched from hand power to machine power for the production of goods. The Industrial revolution occurred in England in the late 1700s and then spread to the United States and other countries.
Interchangeable parts
An important part of mass production techniques. This is when parts were made so accurately and to such uniformity that they could be interchanged between new technologies.
James Hargreaves
Built the first spinning jenny. It was a spinning machine that had up to eight spindles on it. It allowed people to produced eight times more thread. Marked the beginning of the industrial revolution.
James Watt
He developed the potential for the steam engine. With Boulton, he developed many patents on the rotary steam engine, which was very smooth, powerful and provided good transport for the textile industry.
Jethro Tull
Brought machinery to the farm industry in Britain. He can up with a seed drill that deposited seeds in a straight row, at the proper depth.
John D. Rockefeller
Was the owner of the first billion dollar corporation. He had complete monopoly of the oil industry, also know as vertical integration.
the workforce that has to go into making a good economy or business.
a French term meaning “let do, let go, let pass.” This applies to a free market economy.
includes all the natural resources needed for an economy or for a good business to run properly.
Lifestyles resulting from a market economy
an individual that is high up in a free market based corporation, will be very wealthy because they own everything and have nothing to do with the government. There would also be a lot more out of the market for the consumer because a pillar for a free market economy is consumer goods.
Market economy
An economic system where decisions are made by individual buyers and sellers.
Mass production
techniques for making large numbers of identical products by machine.
the increasing use of machines to do work normally done by people or animals
Mixed Economy
an economy that is a mix between free market economy and a centrally planned economy
Process of general social change brought about by the transition from an agrarian to an industrial mode of production.
Pony express
a way to transport mail via horses. But after around 18 months, it was shut down because there was the new technology called the telegraph.
Power Loom
Designed by Edmund Cartwright, and inspired by Richard Arkright’s spinning jenny. It was a loom that took out the steps of having to use your hands or your feet so it improved weaving a lot.
Private enterprise
A business that is owned privately.
In economics, productivity is the amount of output created (in terms of goods produced or services rendered) per unit input used. For instance, labor productivity is typically measured as output per worker or output per labor-hour
Raw materials
Unprocessed natural substances, such as wood and metals, used in the manufacture of products
Richard Arkwright
invented the water from, used to power a textile machine. It increased the quantity of goods without increasing the number of workers needed.
Samuel Slater
AKA the father of the industrial revolution. Moved to the USA to spread his great ideas that he had come up with in Britain.
When the want for consumer goods is higher than the amount of consumer goods being produced
When a business focuses on producing a limited number of goods and leaves the production of other goods to other businesses. Specialization also describes how each person working to produce a good might work on one part of the production instead of producing the whole good (eg, in a shoe factory one person cuts the leather, another person sews it, another glues it to the sole).
Spinning Jenny
Invented by James Hargreaves, it was a major start to the industrial revolution. It wove like no other.
Subsistence agriculture
A farm with only enough food to feed the family and not for sale or to make a living.
Textile industry
clothing industry (making and weaving thread or cloth)
The Agricultural Revolution
started when people started domesticating plants an animals instead of living a nomadic life.
The business cycle
refers to the ups and down usually seen in an economy
The domestic system
when everyone started domesticating their plants and animals instead of hunting and gathering.
The enclosure movement
when the richer farmers decided on making large pieces of common land for each community to work on. They thought this would be more efficient then having small strips of land divided among the farmers that could be bought and sold.
The factory system
factory system was a new way of organizing labor made necessary by the development of machines which were too large to house in a worker's cottage. Furthermore, the efficient use of the new machines required that many of them be installed together where they could all be driven by the
same power source.
The industrial revolution
it started with changes in agricultural methods. New inventors were coming up with more efficient farming techniques. It was the transfer from cottage industries to the factory system.
The role of consumers
consumers are there to buy what corporations and economy provide for them. In a market economy, they control what is made and make the difference between needs and wants.
The role of entrepreneurs
they start their own businesses and are an important role in a market economy. Without them, consumers wants would not be met and they market economy would no longer exist.
The role of government
the government controls what is produced and sold within a centrally planned economy. They make sure no business has a monopoly and everyone and everything is equal.
The role of labour
without labour, goods would not be produced for the consumer.
Thomas Edison
one of the first inventors to apply mass production techniques and he invented the incandescent light bulb.
Transcontinental railroad
when the Union Pacific Tracks joined the central pacific railroad.
Dealing with the movement of people or goods
The process of a society changing from rural to urban and economic activities concentrating in cities
Water Frame
a machine invented by Richard Arkwright and powered by water that was used for spinning cotton.