Industrial Revolution Terms Quiz

The Agricultural Revolution, a stable political and economic climate, abundant natural resources, excellent ports and waterways for transportation and power, and the presence of investment capital and entrepreneurs were all factors in this country industrializing first.

• Karl Marx

• Reasons for the Industrial Revolution in England

• Industrial Revolution

The fencing off or dividing of landholdings that enabled farmers to cultivate larger fields. Within these larger fields landowners experimented with more productive seeding and harvesting methods to boost crop yields.

• Urbanization

• Enclosure

• Canals

• Socialism

Limited rights of ownership and responsibility that allowed people to collectively take on the risk and reward of starting a new business, like a factory.

• Union

• Factory

• Strike

• Stock

Invented in 1779 by Samuel Crompton, this device combined features of the spinning jenny and the water frame to produce thread that was stronger, finer, and more consistent than earlier spinning machines.

• Water Frame

• Spinning Mule

• Flying Shuttle

• Spinning Jenny

A large place where machines are set up in an organized way to create a product quickly, efficiently, and inexpensively.

• Socialism

• Industrialization

• Urbanization

• Factory

Wrote a 1776 book, The Wealth of Nations. According to Smith, economic liberty guaranteed economic progress. As a result, government should not interfere. His arguments rested on what he called the three natural laws of economics: the law of self-interest-People work for their own good.. the law of competition-Competition forces people to make a better product. the law of supply and demand-Enough goods would be produced at the lowest possible price to meet demand in a market economy.

• Voltaire

• Adam Smith

• John Locke

• Karl Marx

A business owned by stockholders who share in its profits but are not personally responsible for its debts.

• Entrepreneur

• Stock

• Corporation

• Capitalism

An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.

• Capitalism

• Utilitarianism

• Socialism

• Communism

A person who organizes, manages, and takes on the risk of a business.

• Capitalism

• Entrepreneur

• Corporation

• Karl Marx

Invention by Richard Arkwright, in 1769, that allowed the spinning wheels to be powered by the flowing water of a river - increasing the speed of production.

• Spinning Jenny

• Water Frame

• Flying Shuttle

• Spinning Mule