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| A system in which society, usually in the form of the government, owns and controls the means of production. |
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| Manufacturing process in which parts are added in a sequential manner to create finished product faster. |
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| Most common form of business organization, which is chartered by a state and given many legal rights. |
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| A method of manufacturing that was first adopted in England at the beginning of the Industrial Revolution, where all processes of production were carried out under one roof. |
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| Formerly applied to manufacturing that took place in people's homes, prior to the Industrial Revolution. |
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| The philosopher, social scientist, historian and revolutionary, who is one of the most influential socialist thinkers to emerge in the 19th century. |
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| An American inventor best known as the inventor of the cotton gin. |
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| They created new jobs, were less expensive means of transportation, which led to lower-priced goods, thus creating larger markets. Overall adding to the growth of the economy. |
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| Not part of the final product - include land, labor, capital, and entrepreneurship. |
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| The production of large amounts of standardized products, including and especially on assembly lines. |
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| An economic theory from the 18th century that is strongly opposed to any government intervention on business affairs. "Let alone." |
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| The process in which an increasing proportion of an entire population lives in cities and the suburbs of cities. |
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| A person interested in finding new business opportunities and new ways to make profits. |
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| A Scottish philosopher and pioneer of political economy, he argued that free competition would lead to the best goods at the lowest prices. He wrote The Wealth of Nations. |
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| This is where the method of manufacturing first started at the beginning of the Industrial Revolution. |
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| A work stoppage caused by the mass refusal of employees to perform work. |
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| A socioeconomic structure and political ideology that promotes the establishment of an egalitarian (equal), classless, stateless society based on common ownership and control of the means of production and property in general. |
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| An English inventor and engineer who invented the first process for mass-producing steel inexpensively. |
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| A period of agricultural development between the 18th century and the end of the 19th century, which saw a massive productivity and vast improvements in farm technology. |
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| A level of material comfort as measured by the goods, services, and luxuries available to an individual, group, or nation. |
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| Industrial growth gave rise to a new social status of citizen - the blue collar "working class." |
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| The Industrial Revolution |
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| A period in which fundamental changes occurred in agriculture, textile and metal manufacture, transportation, economic polices, and the social structure in England. |
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| Parts that are so nearly identical that they will fit into any device of the same type, which allows easy assembly of new devices, and easier repair of existing devices, while minimizing both the time and amount of skill required by the person doing the assembly or repair. |
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| A form of specialization in which the production of a product or service is divided into several separate tasks, each performed by one person. |
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| Workers sought to win improved conditions and wages through these. |
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