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ws ch 25 industrial
WS ch 25 industrialization
| Question | Answer |
|---|---|
| Industrial Revolution | the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing |
| enclosures | the removal of common rights that people held over farm lands and parish commons. |
| crop rotation | practice of planting different crops sequentially on the same plot of land to improve soil health, optimize nutrients in the soil, and combat pest and weed pressure |
| industrialization | the transition from creating goods by hand to using machines |
| factors of production | resources that are the building blocks of the economy; they are what people use to produce goods and services |
| factory | work is organized to meet the need for production on a large scale usually with power-driven machinery |
| entrepreneur | someone who undertakes a business venture |
| urbanization | the process by which large numbers of people become permanently concentrated in relatively small areas, forming cities |
| middle class | a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status |
| liverpool-manchester railroad | world's first steam powered, inter-urban railway designed to transport both passengers and goods |
| watt's steam engine | developed as a means to pump mine shafts free of flood waters, allowing deeper mining to take place. |
| stocks | form of security that indicates the holder has proportionate ownership in the issuing corporation and is sold predominantly on stock exchanges |
| corporation | organization—usually a group of people or a company—authorized by the state to act as a single entity |
| laissez faire | type of economic system in which transactions between private groups of people are free from any form of economic interventionism |
| Adam Smith | Scottish moral philosopher and political economist, called the Father of Modern Economics |
| capitalism | an economic system based on the private ownership of the means of production and their operation for profit. |
| utilitarianism | ethical theory which holds that the right action is the one that maximizes aggregate well-being |
| socialism | political philosophy and movement encompassing a wide range of economic and social systems which are characterized by social ownership of the means of production, as opposed to private ownership. |
| Karl Marx | wrote The Communist Manifesto, which outlines the key concepts of Marxism. According to Marx and Engels in order for the workers to form a classless society they need to seize control of the means of production from the capitalists. |
| communism | economic ideology that advocates for a classless society in which all property and wealth are communally owned, instead of being owned by individuals |
| socialism | social and economic doctrine that calls for public rather than private ownership or control of property and natural resources |
| communist manifesto | Manifesto by Marx. Karl Marx's Argument is that capitalism is an awful economic system as it's class system places the majority in the bottom. |
| unions | organizations of workers that advocate on their behalf for fair pay and working conditions |
| strike | a work stoppage caused by the mass refusal of employees to work |
Created by:
A. MARTIN rmhs
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