Industrial and American Revolutions: Economic & Political Changes
First Industrial Revolution
Industrialization: a revolution in the way work was done — from work performed by hand at home or in a workshop to work done by steam-powered machinery in factories.
Factors of Production
Factors of Production: land, labor, and capital resources — the basic resources that are combined to create useful goods and services.
Laissez-faire and Labor Conditions
Laissez-faire: a free-market approach that eases the process of obtaining resources but can also reduce protections for workers. Effects during the Industrial Revolution included:
- Greater population density in industrial areas — more people, more jobs, more products
- Long working hours with few breaks
- Reliance on unskilled labor and minimal safety regulations