 | Term | Definition |
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Domestic System |
A system of shearing a sheep giving the wool to a spinner then to a dyer and then to a store to sell the cloth. The money is split between the whole group. |
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Capital |
The money needed to start a corporation or a factory. |
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James Hargreaves |
Invented the spinning Jenny |
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Eli Whitney |
Invents cotton gin |
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Henry Ford |
Decided to make cars that were affordable for most people based on German technology. |
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Samuel Morse |
Invented morse code through telegraph. |
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Thomas Edison |
In his life he patented more than 1,000 inventions, including the light bulb and the phonograph. |
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Labor Unions |
People who pressed for reforms by joining together in voluntary labor associations. |
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Factory system |
A building that contains all the machines needed to complete the domestic system. All of the profits are to the one factory owner and employees. |
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Labor |
The employees and people needed to work a corporation and a factory. |
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Richard Arkwright |
Invented the spinning wheel that used moving water to power a factory. |
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Henry Bessemer |
Finds cheaper and more effective way to make steel. |
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Partnerships |
A deal where two or more people own a corporation and split the profits and debts. |
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Alexander Graham Bell |
Invented the first telephone/telegraph |
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The Wright Brothers |
Invented the first flying machine in 1903. |
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Collective Bargaining |
Negotiations between workers and their employers |
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Enclosure movement |
A system that allowed farm owners to map out their property and put up barriers to mark it. |
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Entrepreneurs |
A person who organizes, manages, and takes on the risks of a business. |
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Edmund Cartwright |
Invents first power loom |
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Industrial Capitalism |
An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit. |
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Corporations |
A business owned by stockholders who share the profits but are not personally responsible for its debts. |
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Guglielmo Marconi |
Invented the first one way radio |
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Rudolf Diesel |
Invented the first internal combustion engine |
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The Middle Class |
A class that was boosted by the industrial revolution's profits. |
