Industrial Revolution

person who assumes all financial risk in starting a business (business man)

An organization of workers that tries to improve working conditions, wages, and benefits for its members

taking and fencing off land formerly shared by peasants to create larger fields

movement of people from rural areas (country) to the cities

business organization in a specific area, such as shipping, mining, railroads, or factories

natural resources, coal and iron rivers for transportation and power ready work force (people willing to work) high demand for goods increased population capital (money used for investment) stable government

Improved the steam engine

Increased population Increase in life expectancy Decrease in farming jobs available People move to cities in search of work Better hygiene and sanitation Decline in famine(hunger)

Urbanization Poor living conditions-tenements Bad working conditions Child labor Rise of labor unions Growth of a middle class

-people could earn money

-poor working conditions -long hours -low pay -dangerous jobs -mistreatment of children

money; used to start a business

goods made by hand in the home

This man revolutionized the way to manufacture steel by making the process quicker and more efficient

American inventor of the cotton gin

English inventor of the spinning jenny

Child labor reform

Government does not get involved with business. Supply and demand regulates the economy

Improved farming methods

Nonviolent refusal to continue to work until a problem is resolved.

Overcrowding and filth in new tenements promoting the spread of deadly diseases, such as cholera, typhoid, and tuberculosis

machine noise could be deafening, poor lighting and ventilation, frequent fires and accidents were caused by fatigue, faulty equipment, and careless training

1. (water power/coal) ~ power new machines 2. (iron ore) ~ to construct machines, tools, and buildings 3. (rivers and harbors) ~ allow for transportation of natural resources and finished goods

1. gives manufactures a cheap way to transport raw materials and finished products. 2. created thousands of new jobs for laying track and mining for coal. 3. increased agricultural and fishing industries ~ now able to transport to distant cities.

cloth goods made of linen, wool or cotton (clothing)

A period during the late eighteenth century when machine power was substituted for human power, making it more economical to manufacture goods in factories than at home.

(Scottish economist) in The Wealth of Nations, he created the concept of laissez-faire ( government should leave economy alone) & applied natural law to means of production & exchange (supply & demand); saw mercantilism as government interference in economy or free trade; believed that enlightened self-interest would create the best production & exchange for market conditions; government should only have 3 roles: protect society from invasion (army); defend citizens from injustice (police); & keep up public works (roads, canals, bridges) that private individuals could not afford to provide but that society needed

An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit; these ideas also helped to bring about the Industrial Revolution