Key Figures
Scottish economist and philosopher who wrote "Wealth of Nations"
Who is Adam Smith?
This machine used waterpower to drive the spinning wheel
What is the water frame?
This natural resource was vital to powering steam engines and iron production in Britain
What is coal?
The movement from rural areas to urban areas, driven by the Industrial Revolution
What is urbanization?
This term describes the increase in goods produced as a result of the Industrial Revolution
What is mass production?
He invented the spinning jenny, revolutionizing textile production
Who is James Hargreaves?
This invention allowed a weaver to spin more than one thread at a time
What is the spinning jenny?
Britain's access to resources from its colonies was due to its role as a major what?
What is a colonizing power?
The social and economic shift from handmade goods to machine production is called this
What is the Industrial Revolution?
The economic theory that advocates for minimal government intervention in the market
Known as the father of the factory system, he patented the water frame
Who is Richard Arkwright?
A device that efficiently places seeds in designated spots in the ground
What is the seed drill?
The natural network of these made transporting raw materials and finished products inexpensive in Britain
What are rivers and canals?
The legal assurance that business and properties will not be unjustly taken by others
What is the protection of private property?
The rise of this class, consisting of factory owners and merchants, significantly shaped economic policies during the Industrial Revolution.
What is the bourgeoisie or middle class?
This inventor created the system of interchangeable parts for firearms
Who is Eli Whitney?
The process of using different crops in and out of a field each year to maintain soil fertility
What is crop rotation?
This factor provided the legal assurance that entrepreneurs businesses would not be taken away
What is the protection of private property?
What is the cottage industry or putting out system?
This economic system involves private ownership of the means of production and operates for profit
What is capitalism?
Invented the famous Model T Car
Who is Henry Ford?
This invention enabled mass production by replacing broken machine parts easily
What are interchangeable parts?
The major industry that developed in northern and western Britain, including South Wales and Yorkshire
What is coal mining?
The increase in food production and the subsequent demographic changes during the early 1700s is known as this
What is the agricultural revolution?
This negative economic condition, often seen in the early Industrial Revolution, involved severe downturns in production and employment
What is a depression or economic recession?