Benefit/ Cost/ Significance Chart: (Chart will be given to students on 11’’by 17’’ paper)
FACTOR
BENEFIT
COST
SIGNIFICANCE
Outsources: a company/ organization purchases goods or subcontract services from an outside source
Imperialism: the policy of extending the rule of an empire and nation over foreign countries
Capitalism: an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is maintained chiefly by private individuals or corporations
Trade union: organization to get rights and benefits for working people
Locomotive: a steam engine designed to pull cars on a railway
Revolution: a complete change in something, the overthrow of a government
Laissez Faire policy: businesses and industry free from government regulation and therefore competition and self-interest would serve the greatest good.
Turnip Townshend: crop rotation no longer needed to leave land fallow because planted nitrogen fixating species (turnips and clover) which could also be used to feed animals
Whigs: members of a political party that held liberal principles and favored reforms.
Textile: cloth or fabric
Interchangeable parts: parts made by a machine to be exactly the same size and shape
Productivity: the amount of goods and services made by a worker in a certain amount of time
Entrepreneur:a person who takes risks to start a new business
Parliament: the legislative body in Great Britain
Natural resources: the natural wealth of a country, consisting of land, forests, mineral deposits, water, etc.
Guild system: groups of self-employed skilled craftsmen with ownership and control over the materials/tools needed to produce their goods, said to be the precursors of modern trade unions
Fodder: coarse food for livestock, people considered as readily available and of little value