Unit 3: The Industrial Revolution

ECONOMICS
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Terms in this set (16)
ECONOMICS
study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice
CONSUMER
a person who buys goods and services for personal use
ENTREPRENEURSHIP
the process of bringing together the three factors of production - natural resources, labor and capital - the person who does this is an entrepreneur
textile industry
used cotton to produce fabric, first place transformed by innovations, Indian and British industries competed, produced much more by the Industrial Revolution
urbanization
The rapid growth of cities, such as Britain experienced in the nineteenth century as manufacturing grew and more and more workers moved to the cities looking for jobs. This rapid growth created many health and pollution problems.
trade unions
associations aimed at getting higher-wages and better working conditions for the working-class
Karl Marx
(1818-1883) German-born philosophe who invented a kind of socialism, achievable by revolution
socialism
an ideology focusing on equality and believing that businesses and society should be run cooperatively by the workers
bourgeoisie
Karl Marx's rich class
proletariat
Karl Marx's poor class
Communist Manifesto (1848)Karl Marx's book stating that capitalism should, but doesn't, mean the end of poverty and that socialism should be achieved by a revolutionJames Wattimproved the existing invention of the steam enginesteam enginegave the kind of power humans could produce, was used to power factories and railroads to produce and move goodsfactors of production3 things you need to make stuff (human, natural, and capital resources)Industrial Revolutionone of the most significant elements of Europe's modern transformation. 1. initial industrialization period was 1750-1900 2. drew on the Scientific Revolution 3. utterly transformed European society 4. pushed Europe into a position of global dominance 5. was more fundamental than any breakthrough since the Agricultural RevolutionLaw of supply and demandprice of goods is determined by how much there is and how much people want it, demand and price are directly proportional, supply and price are inversely proportional