Industrial Revolution Flashcards


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created 1 year ago by pedrosoto1
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1

Labor

Work performed by people that provides the goods or services in an economy

2

Cottage Industry

A method of production in which task are done by individuals in their rural homes

3

Steam Engine

An engine that used steam to drive a piston instead of human or animal labor. Helped make the Industrial Revolution possible.

4

Factory

A building or group of buildings with facilities for the manufacture of goods

5

Entrepeneur

A person who finds new business opportunities and new ways to make profits.

6

Mass production

The manufacture of goods in large quantities during the Industrial Era.

7

Laissez Faire

A government policy of not interfering in the workings of the free market and allowing businesses to do what they want

8

Communism

Economic and political system in which the government owns almost all the means of production

9

Socialism

Political and economic system based on the belief that the means of production should be owned by the government and should be operated for the welfare of all people.

10

Capitalism

economy where individuals & private firms, not the govt., own the production of goods/services