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Ch.9 honors


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
Created by: vklose1