Industrial Revolution and Economic Concepts Flashcard

Front

What was a series of improvements in industrial technology that transformed the process of manufacturing goods?

Back

Industrial Revolution

Front

What is the idea that government should play as small a role as possible in economic affairs?

Back

Laissez-faire

Front

What are unprocessed natural products used in production called?

Back

Raw Materials

Front

What machine turns the energy released by burning fuel into motion?

Back

Steam Engine

Front

What is the application of scientific knowledge for practical purposes called?

Back

Technology

Front

What is the economic system where private individuals own and control property and businesses?

Back

Capitalism

Front

What term describes the movement of people from rural areas to cities?

Back

Urbanization

Front

What is the process of developing industries in a country or region on a wide scale?

Back

Industrialization

Front

What is the economic theory that advocates for collective or governmental ownership of the means of production?

Back

Socialism

Front

What is the term for goods that have been processed and are ready for sale?

Back

Finished Goods