Studied by 45 peopleTags & Description
Industrial Revolution
beginning in the late 1700s, a period in which mechanical power replaced muscle power for the production of goods
productivity
the amount of goods or services that result for each unit of required resources used (output per unit of input)
interchangeable parts
parts that can be swapped for one another in the assembling of a product, because they have been precisely cut and shaped to be identical
Bessemer process
a relatively inexpensive method for converting iron to steel by using a blast of air to remove carbon from molten iron
domestic system
a pre-industrial system of manufacturing in which workers crafted products in their homes using raw materials supplied by merchants
factory system
an industrial system of manufacturing in which workers, raw materials, and machinery are gathered under the same roof
mass production
the high-volume, low-cost manufacture of identical items through the use of specialization and interchangeable parts
enclosure
the repossession and fencing-in by landowners of formerly common lands, often for the purpose of commercial farming
capitalism
an economic system, based on the premise of self-interest, in which all resources are privately owned and markets determine how those resources are distributed
monopoly
complete control by one firm of the production and/or the supply of a good
urbanization
the process of turning a rural area or village into a town or city
labor union
an organization formed by workers to represent them in negotiations with employers concerning employment issues
strike
an agreement among workers to stop working in order to force an employer to improve wages, hours, benefits, or working conditions
imperialism
a policy in which a state takes political and economic control of areas beyond its borders
racist
based on prejudices related to racial differences
sphere of influence
an area within which the political and economic interests of one nation are more important than those of other nations
hegemony
indirect social, political, or economic influence exerted by a dominant state
partitioned
divide a region into separate political units
capital
the tools, machines, and buildings used to produce goods and services
Monroe Doctrine
a U.S. foreign policy focused on keeping European powers from controlling any Latin American nation
Roosevelt Corollary
an extension of the Monroe Doctrine declaring that the United States would police unstable Latin American debtor nations; also known as the Big Stick Policy
infrastructure
large-scale transportation, communication, and other systems that support economic activity
Note
Flashcard