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Ch.9 honors
vocabulary
Question | Answer |
---|---|
Industrial Revolution | greatly increases output of machine-made goods |
Enclosures | large farm fields enclosed by fences or hedges |
Crop rotation | switching crops each year to avoid depleting the soil |
Industrilization | move to machine production of goods |
Factors of production | land,labor,capital |
Factories | bulidings that contain machinery for manufacturing |
Entrepreneur | organizes , manages, takes business risks |
Urbanization | city builiding and movement of people to cities |
Middle Class | skilledworkers , merchants,rich farmers,professionals |
Stock | limited ownership rights for company, sold to raise money |
Corporation | company owned by stockholders, share profits not debts |
Laissez faire | economic policy of not interfering with businesses |
Adam Smith | defender of free markets, author of The Wealth of Nations |
Capitalisim | system of privately owned businesses seeking profits |
Utilitarianism | judge things by their usefulness |
Socialism | factors of production owned by, operated for the people |
Karl Marx | german jouornalist proposes a radical socialism, Marxism |
Communism | society where people own , share the means of production |
Unions | associations formed by laborers to work for change |
Strike | call a work stoppage to pressure owners |