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Industrialism

Words related to the rise of the Industrial Revolution

QuestionAnswer
Industrial Revolution refers to the greatly increased output of machine-made goods that began in England in the middle 1700s.
enclosures Wealthy landowners bought up land and then enclosed them with fences or hedges to become very large fields.
crop rotation Farmers rotated the field or soil by planting different crops on them.
industrialization The process of developing machine production of goods.
factors of production Resources needed to produce goods and services that the Industrial Revolution required.
factories Machinery that was set up in large buildings.
entrepreneur a person who organizes, manages, and takes on the risks of a business.
urbanization The building of cities and the movement of people to cities.
middle class a social class made up of skilled workers, professionals, businesspeople and wealthy farmers.
stock To raise the money, entrepreneurs sold rights of ownership.
corporation business owned by stockholders who share in its profits but are not personally responsible for its debts.
laissez faire refers to the economic policy of letting owners of industry and business set working conditions without interference by the government.
Adam Smith professor of economics, who authored the famous book, "The Wealth of Nations."
Capitalism an economic system in which the factors of production are privately owned
utilitarianism The theory that people should judge ideas, institutions, and actions on the basis of their usefulness.
socialism The factors of production are owned by the public and operate for the welfare of all.
Karl Marx He introduced the world to a radical type of socialism called communism.
communism a form of complete socialism in which all the land, mines, and resources would be owned by the people, the working-class.
unions Workers join togther in voluntary labor associations to fight for higher wages and better working conditions.
strike Workers withhold their labor; they do not go to work.
Created by: ndsamson
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