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23 terms

IDR

STUDY
PLAY
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