3 The Industrial Revolution Vocab Words 1Agricultural Revolution

3. The Industrial Revolution Vocab Words

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

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

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 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

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

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 nation’s political and economic over another territory or country