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Industrial Rev.
Vocabulary
Term | Definition |
---|---|
Industrial Revolution | great increase in machine production that began in England in the 18th century |
enclosure | large closed-in field for farming |
crop rotation | planting a different crop in the same field each year to allow the soil to regenerate |
industrialization | process of developing machine production of goods |
factors of production | conditions needed to produce goods and services |
factory | building where goods are made |
entrepreneur | person who organizes, manages, and takes on the financial risk of a business enterprise |
Henry Bessemer | British engineer who developed a way to mass-produce steel cheaply |
urbanization | city building and the movement of people to cities |
middle class | social class of skilled workers, professionals, business people and wealthy farmers |
mass production | system of manufacturing large quantities of identical items |
interchangeable parts | machine parts that are identical and manufactured by machine |
assembly line | each worker does one step of a manufacturing processes |
division of labor | different workers doing individual and different tasks |
specialization | separation of tasks |
economic interdependence | people in a society relying on other people |
stock | right of ownership in a company called a corporation |
corporation | business owned by stockholders who share in its profits but are not responsible for its debts |
laissez faire | economic theory that argues that governments should not interfere with business efforts |
Adam Smith | philosopher who defended laissez-faire economics |
capitalism | economic system in which people invest money to make a profit |
utiiltarianism | belief tyhat an idea is only as good as it is useful |
socialism | belief that businesses should be owned by society as a whole |
Karl Marx | economic thinker who wrote about a radical form of socialism |
communism | form of a socialism in which all production is owned by the people |
anarchism | belief that people should be able to develop freely without government interferance |
union | organized groups of workers that bargain with business owners to get better pay and working conditions |
strike | organized refusal to work |