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[Pages:1]Ch. 15 Industrial Revolution
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1. Adam Smith
Scottish professor who wrote The Wealth of Nations, where the idea of the "invisible hand" comes from
2. Capitalism
is the economic system that is backed by capital or money from investors or business
3. Communism
the economic idea of an equal society, where all profits from business transactions was given to the people
4. Domestic System
the system where cloth and linen were produced at homes rather than factories, then the finished material was taken and sold
5. Economic Freedom
the freedom to make their own choices in deciding what to buy, where to work, and what to make.
6. Free Enterprise
the economic system that exists from the economic freedom
7. Industrial Revolution
a fundamental change in the way goods and services are produced, the change from domestic production to industry
8. James Watte
did not invent the steam engine, but improved it by separating hot chamber from cold chamber
9. Karl Marx
popular critic of the new "Capitalist" system of economics; believed that workers created value through their labor
10. Laissezfaire
government is completely hands off in regard to economics
11. Law of Supply and Demand
relationship between how much of a product is made, and what the demand that product is
12. Louis Pasteur
scientist who improved living conditions through the identification of disease causing agents and inventing penicillin. (antibiotics)
13. Mass Production
large scale production of identical goods
14. Socialism
a movement sparked by the injustices placed upon workers where the government owned business in order to protect workers from owners
15. Spinning Jenny
used several spindles to speed of the processing of wool, allowing for more wool thread to be produced at a faster rate
16. Steam Engine
an engine powered by boiling water and allowing the pressure to build
17. Unions
group of people working for the same organization who band together in order to improve working conditions and earn higher wages
18. Urbanization
as work shifted from farms to factories, people began to relocate to cities, creating urban areas and extreme urban growth
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