Key People
This Scottish economist wrote The Wealth of Nations and supported laissez faire policies
Adam Smith
An economic system where land and factories are owned by individuals, not the government, and prices are decided by sellers
capitalism
Related to turning raw materials into manufactured goods
industrial
The process of developing manufacturing on a large scale
industrialization
The period in which the production of goods shifted from hand production methods to complex machines, starting around 1750 in Great Britain
Industrial Revolution
This German philosopher co-wrote The Communist Manifesto and founded modern socialism
Karl Marx
A theory of government in which the whole community, rather than individuals, owns all of its property and resources
socialism
The process of making something more mechanical or automatic by introducing machines
mechanization
The process of making an area more city-like
urbanization
This transformation of agriculture (mid 1700s-1800s) introduced more productive, efficient, and mechanical farming methods
Agricultural Revolution
This Scottish inventor made significant improvements to the steam engine, providing much of the force behind the Industrial Revolution
James Watt
A system of government where all valuable things like farms and factories are owned and controlled entirely by the government
communism
Products that are ready to be sold to customers
finished/manufactured goods
An association of workers formed to bargain for better working conditions and higher wages
union
The system of growing a different crop in a field each year to preserve the fertility of the land
crop rotation
A person who earns a living through manual labor and typically receives low wages belongs to this social group
working class
A policy allowing owners of industry and business to set working conditions without government interference
laissez faire
An item, usually a natural resource, used to create manufactured goods
raw material
A nonviolent refusal to continue to work until a problem is resolved
strike
An acute, often fatal, infectious disease marked by vomiting, cramps, and diarrhea, often prevalent in crowded industrial cities
cholera
This social group, usually made up of professional and business workers, sits between the upper and working classes
middle class
Land, labor, and capital are the three groups of resources that are used to make all goods and services
factors of production
This term refers to cloth or woven fabric
textile
This term means to make changes in something to improve it
reform
A period of mass starvation, disease, and emigration in Ireland that occurred between 1845 and 1849
Irish Potato Famine