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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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