Vocabulary
Owns property that other people pay to use or live in
What is a landlord?
What is industrialization?
Invented by Richard Arkwright, it used water power and then steam to drive rollers that stretched the thread before spinning it
What is the water wheel?
Invented the Cotton Gin
Who is Eli Whitney?
the rights all citizens are supposed to have
What are civil rights?
A peasant who is not free; a person living on a feudal estate who was required to work for the lord of the manor
Invented by John Kay, doubled the amount of cloth that could be woven in any given day
What is the flying shuttle?
Was a believer in socialism, wrote A New View of Society
Who is Robert Owen?
the breakdown of work into specific tasks performed by different people
What is division of labor?
To send goods to sell in another country
What is export?
Invented by John Hargreves, could spin several threads at a time.
What is the spinning jenny?
Supported capitalism, described how the law of supply and demand provides a natural balance in the marketplace.
Who is Adam Smith?
an economic system that aims to increase a country's wealth and power by controlling trade and people
What is mercantilism?
the buying and selling of goods and services;trade
What is commerce?
Samual Crompton combined the jenny and the water wheel into one large steam-driven machine called
What is a mule?
Believed change would only come with a revolution, thought the haves and the have nots
Who is Karl Marx?
Philosophy that calls for very little or no government involvement in the economy
What is laissez-faire?
the amount of goods and services available to buy compared with the amount that people want to buy
What is supply and demand?
Invented by Eli Whitney
What is the cotton gin