Unit 3: Revolutions and Reaction
Lesson E: The Origins and Spread of the Industrial Revolution
Key Terms
| Key Term | Definition |
|---|---|
| agrarian | related to farming; agriculture |
| capitalism | an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises |
| duties | taxes; tariffs |
| export | a good or service sold to an individual, business, or government in another country |
| import | a good or service purchased from an individual, business, or government in another country |
| market | an arrangement wherein buyers and sellers can exchange resources, goods, and services; a market may be a physical place such as a store or an auction gallery, or it may occur through other arrangements such as a telephone and internet transactions; a market is said to exist whenever or wherever a buyer and seller enter into an exchange |
| mercantilism | theory and system of political economy prevailing in Europe based on national policies of accumulating gold and silver and establishing colonies |
| standard of living | the quantity of goods and services, such as health care, clean water, education, houses, apartments, telephones, food, clothing, paved roads, and computers available in an economy |
Directions: Practice using these terms.
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