3. The Industrial Revolution

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3. The Industrial Revolution

• Vocab Words

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• 1)Agricultural Revolution- The expansion of
  farmland, new crops and more efficient farming
  techniques that led to a dramatic increase in
  food supply
• 2) Fallow- Early farming technique in which
  farmers would leave farmland empty every third
  year
• 3) Crop Rotation- A process where farmers would
  rotate crops to gain better nutrients from the
  soil
• 4) Seed Drill- Farming machines that planted
  seeds
• in a straight row
• 5) Mechanical Reaper-Farming Machine that made it
  easier and faster to harvest crops

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• 6) Domestic System- The process by which finished
  goods were produced in the home
• 7) Eli Witney- Inventor of the Cotton Gin
• 8) Factory System- The process where workers left
  their homes and went to work at mills to produce
  finished goods
• 9) Interchangeable Parts- Identical Components
  that would be used in place of another during
  manufacturing
• 10) Sole Proprietorship- A business owned and
  operated by one person

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• 11) Corporation- The process where owners allowed
  people to buy stock (ownership) in their company
• 12) Monopoly-The process of gaining almost
  control of production and sale of a single good
• 13) Adam Smith- Believed that natural laws of
  Supply and Demand and Competition drive all
  business
• 14) Law of Supply and Demand- Process in which
  demand increases, supply increases and prices
  rise and vice versa
• 15) Law of Competition Process in which
  businesses compete with each other to sell
  products while reducing prices

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• 16) Social Darwinism- The process in which only
  the efficient businesses will survive
• 17) Free Enterprise-The process in which economic
  forces work automatically and naturally, through
  competition unrestricted by government
• 18) Laissez-Faire-The belief that businesses
  should be left alone by their government
• 19) Socialism-The process in which the government
  owns the businesses and operates for the benefit
  of all people
• 20) Utopian Socialists- Wanted to start a perfect
  society

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• 21) Karl Marx- Believed that entire Capitalistic
  System should be destroyed
• 22) Capitalism- The process in which the economic
  system is privately owned and operated with the
  tendency towards financial inequality
• 23) Communism- The process in which society would
  evolve in a classless society
• 24) Imperialism- The policy of extending a
  nations political and economic over another
  territory or country