Industrial Revolution Vocabulary

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

• Capital

• Proletariat

• Mass Production

• Laissez Faire

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

• Laissez Faire

• Assembly Line

• Mass Production

• Cottage Industry

to produce in quantity usually by machinery

• Assembly Line

• Bourgeoisie

• Laissez Faire

• Mass Production

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

• Cottage Industry

• Assembly Line

• Capitalism

• Mass Production

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

• Adam Smith

• Entrepreneur

• Karl Marx

• Socialism

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

• Proletariat

• Bourgeoisie

• Union

• Entrepreneur

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

• Proletariat

• Bourgeoisie

• Entrepreneur

• Karl Marx

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

• Proletariat

• Bourgeoisie

• Entrepreneur

• Adam Smith

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

• Socialism

• Capitalism

• Communism

• Feudalism

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

• Capitalism

• Socialism

• Communism

• Feudalism