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Description
Flashcards by tanna.jensen, updated more than 1 year ago
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Created by tanna.jensen
over 10 years ago
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| Question | Answer |
| Industrial Revolution | changes beginning in the 1700's, when power-driven machines began to do much of the work that people had done before |
| Enclosure Movement | practice of fencing or enclosing common lands into individual holdings |
| Crop Rotation | the practice of altering crops of different kinds to preserve soil fertility |
| Factors of Production | basic resources necessary for industrialization, such as lands, capital, or labor |
| Mechanization | use of automatic machinery to increase production |
| Domestic System | method of production in which work is done in homes rather than in a shop or factory |
| Factory System | production of goods in a factory through through the use of machines and a large number of workers |
| Bessemer Process | method of making steel that involves the forcing of air through molten iron to burn off carbon and other impurities |
| Capitalism | economic system in which private individuals rather than the government control the factors of production |
| Commercial Capitalism | early phase of capitalism involving merchants who bought, sold, and exchanged goods |
| Industrial Capitalism | type of capitalism occurring during the Industrial Revolution when capitalists were involved in producing and manufacturing goods themselves, often using mechanized and industrialized methods of production |
| Division of Labor | characteristic of civilizations in which different people perform different jobs |
| Interchangeable Parts | parts that can go equally well in other components |
| Mass Production | system of manufacturing large numbers of identical items |
| Sole Proprietorship | business owned and controlled by one person |
| Partnership | business owned and controlled by two of more people |
| Corporation | business organization in which individuals buy shares of stock, elect directors to decide policies and hire managers, and receive dividends according to the number of shares they own |
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