Chapter 22 Vocabulary ap world history

Cottage Industry

A cottage industry is a small business that is run from someone's home, especially one that involves a craft such as knitting or pottery.

Communism

A political and economic system where factors of production are collectively owned and directed by the state.

Socialism

A system in which society, usually in the form of the government , owns and controls the means of production

Agricultural Advancements (crop rotation, seed drill)

A time when new inventions such as the seed drill and the steel plow made farming easier and faster. The production of food rose dramatically.

Utilitarianism

An act being morally right or wrong depends solely on the consequence

Eli Whitney (interchangeable parts)

Eli Whitney to patented the cotton gin. Whitney later secured a major contract build muskets for the U.S. government. Through this project, he promoted the idea of interchangeable parts standardized, identical parts that made for faster assembly and easier repair of various devices.

Labor Unions

Group of workers who seek to improve the economic and social well-being of its members through group action

James Hargreaves (spinning jenny)

In 1764, English carpenter James Hargreaves invented the Spinning Jenny, a machine that spun multiple threads of yarn at once, increasing production eight-fold.

Industrialization

In Europe and the United States, industrialization occurred in the 1700s and 1800s, with the changes beginning in Britain. This period is called the Industrial Revolution. Textile manufacturing became mechanized, transportation became more efficient, and steam power was introduced. Goods became more accessible and cheaper.

Proletariat

In Marxist theory, the group of workers who would overthrow the czar and come to rule Russia

James Watt (steam engine)

James Watt is best known for the invention of the steam machine - his invention was the engineering power that made the industrial revolution possible and forever changed the world as we know it.

Tenement

Term given to the overcrowded housing for workers and the poor, refered to as "slum dwellings."

Bourgeoisie

The middle class , including merchants , industrialists, and professional people.

Urbanization

Urbanization is the process where an increasing percentage of a population lives in cities and suburbs. This process is often linked to industrialization and modernization, as large numbers of people leave farms to work and live in cities.

Factory System

a manufacturing method for a standardized product or products in which fixed capital, raw material, and labor operations are centralized and sophisticated machinery is often used

Consumerism

a modern movement for the protection of the consumer against useless, inferior, or dangerous products, misleading advertising, unfair pricing, etc.

Stock Market

a particular market where stocks and bonds are traded; stock exchange.

Railroads (Transcontinental & Trans-Siberian)

a permanent road laid with rails, commonly in one or more pairs of continuous lines forming a track or tracks, on which locomotives and cars are run for the transportation of passengers, freight, and mail.

Steamship

a ship that has an engine powered by steam.

Richard Arkwright (water frame)

an English businessman who invented a machine using water power for spinning cotton, which had been spun by hand until then. He built his own factory, and became one of the early leaders of the Industrial Revolution.

Corporations

an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.

Bessemer Process

an industrial process for making steel using a Bessemer converter to blast air through molten iron and thus burning the excess carbon and impurities; the first successful method of making steel in quantity at low cost.

White-collar

describes a job relating to workers whose work usually does not involve manual labor and who are often expected to dress with a degree of formality, such as a professor or banker

Monopoly

exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices.

Karl Marx

father of communism. German thinker of the 1800s, predicted that workers around the world would come together and overthrow the ruling class

Adam Smith

the Scottish "Father of Modern Economics," that frontally attacked mercantilism in 1776. He influenced the founding fathers of the United States, and convinced the advocate of free trade.

Human Capital

the collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or their community