AP World History Modern Unit 5 Already Passed

Industrialization the process of developing machine production of goods Industrial Revolution A change that began in Britain in the 18th to 19th centuries where more innovations in machinery were made along with more incorporation of factories Factories buildings with the intent of mass producing a certain product or number of products with the use of machines and engines Capital wealth in the form of property or money owned by a business or individual Second Industrial Revolution steep growth in industry and the production of steel, petroleum, electric power, and the machinery to produce other goods Consumer Markets consists of costumers who buy commodities for personal use Capitalism an economic system based on private ownership of capital Adam Smith thinker who supported a economic system based on private