Industrial Revolution Vocabulary

Front

An idea opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights

Back

Laissez Faire

Front

An arrangement of machines, equipment, and workers in which work passes from operation to operation in direct line until the product is assembled

Back

Assembly Line

Front

to produce in quantity usually by machinery

Back

Mass Production

Front

An industry whose labor force consists of family units or individuals working at home with their own equipment

Back

Cottage Industry

Front

Person who organizes, manages, and assumes the risks of a business or enterprise

Back

Entrepreneur

Front

An association of employees formed to improve their incomes and working conditions by collective bargaining with the employer or employer organizations

Back

Union

Front

The class of industrial wage earners who, possessing neither capital nor production means, must earn their living by selling their labor.

Back

Proletariat

Front

The ruling class of the two basic classes of capitalist society, consisting of capitalists, manufacturers, bankers, and other employers.

Back

Bourgeoisie

Front

Economic system where central government owns all property and controls all aspects of the economy.

Back

Communism

Front

Economic system where businesses are privately owned and goods and services are sold for a profit. Also called a free-market economy.

Back

Capitalism