Unit 5: The Industrial Revolution Vocab

Front

The class of industrial wage earners who, possessing neither capital nor production means, must earn their

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living by selling their labor to survive.

Front

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

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Bourgeoisie

Front

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

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Communism

Front

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

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Capitalism

Front

Economic system where government owns some industries (businesses), while others are privately owned. The government uses profits to pay for services such as health and education.

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Socialism

Front

It is farming and growing just enough for survival.

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subsistence agriculture

Front

the act of doing away with something (in many instances the term refers to doing away with slavery)

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abolition

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one who passionately advocates for a cause

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activist

Front

one who purchases goods or services; a person or thing that consumes

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consumer

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a person who advocates for an economic system in which industry, trade, and capital are all privately owned and operated for profit

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industrial capitalist