IDR

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23 terms

Industrial Revolution

THe period of technological advances, beginning in the 1700s that forever changed the way people live and work.

Crop Rotation

A farming method in which the kinds of crops planted in a field are alternated every year to help the soil remain fertile.

Textile

Cloth

Cottage Industry

A business in which family members work in their homes to prepare products for merchant.

Factory

A large building where goods are made.

Patent

A document giving the inventor of a new idea or product the exclusive right to make or sell it for a limited period of time.

Raw Material

A natural resource such as cotton lumber or wool that can be made into a useful product.

Entrepreneur

A person who takes a financial risk by providing money to start a business venture.

Economic System

The way a country produces and uses goods and services.

Traditional Economy

An economy that does not change much over time.

Command Economy

An economy in which the government owns almost all the land and natural resources.

Market Economy

An economy in which people not the government decide which goods and services they will buy.

Demand

A bad leader.

Supply

The amount of a product or service offered for sale.

Capitalism

An economic system in which individuals invest money or capital in businesses.

Laissez-Faire

A government policy of letting an economy continue without interference.

Free Enterprise

A system in which people choose how they make and spend their money.

Strike

The action of refusing to work until certain requirements are met.

Labor Union

An organized workers group whose goal is to ensure good working conditions and fair treatment by employers.

Socialism

An economic system in which a government owns and runs all industries.

Utopian

A person who believes in and wants to create a perfect society.

Jethro Tull

Seed drill

James watt

Steam engine

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