Economic System
This system is based on private ownership and competition.
Capitalism
Woven or knit cloth
Textile
Revolution that increased food production
Agricultural Revolution
Movement from rural areas to cities
Urbanization
Shift from farming to what?
Factory manufacturing
Means of production owned by the state or the people.
Socialism / Communism
Money available for investment.
Capital
Inventor of the mechanical reaper
Cyrus McCormick
Conditions faced by many city workers
Overcrowding and poor housing
Supply and demand determine what?
Price
Government stays out of business.
Laissez-Faire
Negotiation between workers and employers
Collective Bargaining
Movement that forced small farmers off their land.
Enclosure Movement
Factory work for women resulted in what?
Low wages and poor conditions
British demand for cotton caused what in America?
Increased cotton production
Market that relies on supply and demand
Free Market
Resources used to produce goods
Means of Production
The main effect of fewer farmers being needed
Urban Migration
Technology that improved global communication.
Telephone and Radio
Major result of the free-enterprise system.
Economic growth with worker exploitation
Problem socialism and communism tried to solve.
Economic inequality caused by capitalism
A person’s quality of life.
Standard of Living
Transportation that sped up industrial growth
Railroads
Social class that grew during industrialization.
Middle Class
Laws passed during the 19th century did what?
Regulated hours, wages, and child labor