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Industrial Revolution
Flashcards for industrial revolution test
23
History
9th Grade
05/25/2011

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Term

Laissez-faire

Definition

opposed government intervention in private business. The law of supply and demand is foundational to a Laissez-faire economy.

Term

Consolidation

Definition
merger of several businesses into one
Term

Industrial Revolution-

Definition
change from manual labor to machine
Term

Capitalism-

Definition
 private ownership and distribution of goods competitively in a free market
Term

Stockholders

Definition
- investors in corporations who share in the profits
Term

Assembly Line

Definition
- the piece by piece assembling of a product
Term

Monopoly

Definition
- exclusive control of a product
Term

Urbanization

Definition
- mass movement to the city
Term

Free Enterprise System

Definition
- freedom of private business to compete and to operate for a profit
Term

Collective Bargaining

Definition
- negotiations between labor and management
Term

Socialism

Definition
- collective or government ownership of production and distribution
Term

Fulton

Definition
- the Clermont. A steamboat that was nicknamed “Fulton’s folly” by doubtful onlookers
Term

McAdams

Definition
- improved road construction
Term

Bell

Definition
- telephone
Term

Marx

Definition
- Author of “communist manifesto”, and “Das Kapital”
Term

Ford

Definition
- Assembly line which drastically reduced cost per unit
Term

Gutenburg

Definition
- invented the first printing press
Term

Whitney-

Definition
 standardized parts. The cotton gin
Term

Wright

Definition
- Brothers that invented the airplane
Term

Field

Definition
- transatlantic cable
Term

McCormick

Definition
- reaping machine
Term

Edison

Definition
- Light bulb
Term

Drake

Definition
- oil well
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