Transcript 3. The Industrial Revolution

3. The Industrial
Revolution
Vocab Words
1)Agricultural Revolution- The expansion of
farmland, new crops and more efficient farming
techniques that led to a dramatic increase in food
supply
2) Fallow- Early farming technique in which farmers
would leave farmland empty every third year
3) Crop Rotation- A process where farmers would
rotate crops to gain better nutrients from the soil
4) Seed Drill- Farming machines that planted seeds
in a straight row
5) Mechanical Reaper-Farming Machine that made it
easier and faster to harvest crops
6) Domestic System- The process by which finished
goods were produced in the home
7) Eli Witney- Inventor of the Cotton Gin
8) Factory System- The process where workers left
their homes and went to work at mills to produce
finished goods
9) Interchangeable Parts- Identical Components that
would be used in place of another during
manufacturing
10) Sole Proprietorship- A business owned and
operated by one person
11) Corporation- The process where owners allowed
people to buy stock (ownership) in their company
12) Monopoly-The process of gaining almost control
of production and sale of a single good
13) Adam Smith- Believed that natural laws of Supply
and Demand and Competition drive all business
14) Law of Supply and Demand- Process in which
demand increases, supply increases and prices rise
and vice versa
15) Law of Competition: Process in which businesses
compete with each other to sell products while
reducing prices
16) Social Darwinism- The process in which only the
efficient businesses will survive
17) Free Enterprise-The process in which economic
forces work automatically and naturally, through
competition unrestricted by government
18) Laissez-Faire-The belief that businesses should
be left alone by their government
19) Socialism-The process in which the government
owns the businesses and operates for the benefit of
all people
20) Utopian Socialists- Wanted to start a perfect
society
21) Karl Marx- Believed that entire Capitalistic
System should be destroyed
22) Capitalism- The process in which the economic
system is privately owned and operated with the
tendency towards financial inequality
23) Communism- The process in which society
would evolve in a classless society
24) Imperialism- The policy of extending a nation’s
political and economic over another territory or
country