Agricultural Revolution
Country where the Agricultural and Industrial Revolutions originated
Great Britain
Workers who are able and willing to move where the work is located
Mobile Labor Force
Introduced by Lord Charles Townshend - allowed for more yearly crop production, more soil nutrients, and larger well fed livestock.
Four crop rotation system
When one company or person is the only seller of a product or service, so customers have no real choice. Since there’s no competition, the company or person can set higher prices, control quality, and decide who gets the product.
Monopoly
He wrote "The Wealth of Nations" and is often called the father of modern economics.
Adam Smith
Type of society where community, economy, and way of life were centered around agriculture
Agrarian Society
When human and machine labor unite
Factory System
The key power source of the period, which transformed transportation, manufacturing, and agriculture
Steam Engine
An economic system where the community or government owns and manages important resources and services—like hospitals, schools, and sometimes factories. Instead of each person only working for personal profit, this system focuses on making sure everyone has access to basic needs and reducing gaps between rich and poor.
Socialism
He co-authored "The Communist Manifesto" and argued that history is shaped by class struggle between workers and owners.
Karl Marx
Legal and social process that made communal land farmed by many into private land owned and controlled by a single farmer
Enclosure
Name two of the four major transportation innovations of the time
Railroads
Waterways
Overland Roads
Open Ocean Sailing - Steam power
Individuals who are willing and able to invest money in new businesses for the hope of profit
Entrepreneur
An economic system where people and businesses own property and run companies to make a profit. Buyers and sellers decide what goods and services are made, how much they cost, and who gets them. The government may set some rules, but private ownership and competition drive most decisions
Capitalism
This person opposed the idea of revolution to restore justice for the masses because he valued order and stability over relief from oppression
Adam Smith
Hand made, encompasses the means and story of all pre-industrial history
Cottage System/Industry
New textile machines were turning out such great quantities of thread and cloth that they outpaced raw material production, this is called
Underproduction
Eli Whitney invented a machine that separated cotton fibers from seeds mechanically
Cotton Gin
A way of deciding what’s right or wrong by choosing the action that will make the most people as happy as possible. The best choice is the one that brings the greatest good (or least harm) for the greatest number of people.
Utilitarianism
During the Industrial Revolution, the term "?" referred to the people who owned factories and businesses, while "?" referred to the workers who sold their labor for wages.
Bourgeoisie
Proletariat
Reason(s) for the population spike in cities at the beginning of the industrial/agricultural revolutions...
Peasants pushed off of farms looking for work
Excess amount of food
Overproduction of food
Industrialization created a new class of rich people… “new money”. Not considered noble by European standards but wealthy and powerful nonetheless. This is called the _______ ______ effect
Middle Class Effect
Machine from the Industrial Revolution (invented around 1764) that let one worker spin many threads at the same time. The machine used multiple spindles turned together, so it made yarn much faster and cheaper
Spinning Jenny
A way of running the economy where the government mostly stays out of business and lets people and companies make their own choices.
Laissez-faire
What should you do over the weekend? (at least a little bit)
STUDY for your quiz on Tuesday!