The Industrial Revolution (definitions)

The industrial revolution began in Britain. it improved the standard of living.

Revolution-Mass Change

Industrialization-The development of large industries in a country

Craftsperson-someone who is highly skilled in the techniques of a craft or art.

Capital-Money or property that can be invested in an industry. It is usually economic surplus(profit) that the industry uses to re-invest in itself.

Standard of Living-The degree to which people are able to satisfy their wants as well as their basic needs.

Capitalists-people who own countries means of production (land, factories...etc...) they produce goods and compete each other in a free market for profit.

Capitalists were created by the revolution

Union-Groups of workers joined together to protect or promote their common interests.

Individualism- The theory that individual freedom is just as important as the wellfare of the community as a whole. It often involves the absence of Co-operation.

Social mobility- The ability of individuals to move out of the economic class they were born into. This is possible in a society where individual success is valued.

Creative Innovation- When something is imagined then produced.

Entrepeneur- People who manage a buiseness or industrial enterprise with the intent of making or losing profit, but at the risk of taking a loss.

Total War- Complete Destruction

Tariffs- Duties or taxes imposed by the government primarily on imports and occasioally on exports. This is done to promote industry and trade within a country.

Tariffs incourage people to but things from their own country.
Tariffs also lead to Captive Markets.

Captive Market- A community of consumers restricted to buying products within that community.