C. Phelps Unit 3: The Industrial Revolution
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16 terms
Terms | Definitions |
|---|---|
 Industrial Revolution | the period in the 18th and 19th centuries in Europe and the USA when machines were invented and the first factories were established |
| Crop rotation | the practice of changing the crops that you grow in a field each year to preserve the good qualities in the soil |
| Industrialize | when a country or place develops a lot of industry |
| Subsistence | the condition of only just having enough money or food to stay alive |
| Proletariat | the class of workers who own no property and work for wages, especially in factories, building things etc - used in socialist writings |
| Factors of production | a collection of various resources which contribute to producing goods or services, which fall into three main groups - land, labor, and capital |
| Capitalism | an economic and political system in which businesses belong mostly to private owners, not to the government |
| Socialism | an economic and political system in which large industries are owned by the government, and taxes are used to take some wealth away from richer citizens and give it to poorer citizens |
| Communism | a political system in which the government controls the production of all food and goods, and there is no privately owned property |
| Agricultural Revolution | a significant change in agriculture that occurs when there are discoveries, inventions, or new technologies that change production |
| Textile | any type of woven cloth that is made in large quantities, used especially by people in the business of making clothes etc |
| Bourgeoisie | the people in a society who are rich, educated, own land etc, according to Marxism |
| Laissez Faire | the principle that the government should allow the economy or private businesses to develop without any state control or influence |
| Economy | the system by which a country's money and goods are produced and used, or a country considered in this way |
| Capital | money or property, especially when it is used to start a business or to produce more wealth |
| Natural resource | things that exist in nature and can be used by people, for example oil, trees etc |
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