Industrial Revolution Key Terms & People

Economic system where individuals own and control property/resources to meet supply and demand created by other individuals

• capitalism

• industrialism

• socialism

• agrarian

1. Political theory that promotes a classless society in which the means of production are owned communally by the government and private property does not exist

• democracy

• communism

• capitalism

• democratic

A social class of people who own the means of production (upper middle or “merchant” class)

• nobles

• luddite

• 1st Estate

• Bourgeoisie

Scottish philosopher who believed that wealth was created by labor and that self interest motivates people to use resources wisely; wrote “Wealth of Nations”

• James Watt

• Karl Marx

• Adam Smith

• Robert Owen

Rotating crops between fields so that one crop does not drain all of the nutrients out of the soil

• suffrage

• aquaponics

• crop rotation

• cover cropping

Someone who has an idea and works to make that idea a successful reality

• proletariat

• industrialist

• inventor

• entrepreneur

Process of changing an economy from agriculture basie to a manufacturing base

• advancement

• strike

• urbanization

• indistrialization

The factors of production include all but....

• land

• labor

• savings

• capital

an economic system based on supply and demand with little or no government control

• capitalism

• free market

• socialism

• laissez-faire

1. Philosopher who wrote the Communist Manifesto and creator if Marxism

• Karl Marx

• Adam Smith

• James Watt

• Robert Owen