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WH :Industial Rev.
| 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 a different field each year |
| Industrialization | Process of developing machine production of goods |
| Factors of Production | Conditions needed to produce goods and services |
| Factory | Building where goods are made |
| Entepreneur | Person who organizes,manages, and takes on the financial risk of a business enterprise |
| Stock | Rights of ownership in a company called corporation |
| Corporation | Business owned by stockholders who share in its profits but aren't responsible for its debt |
| Laissez Faire | Economic theory that argues that governments should not interfere with business affairs |
| Adam Smith | Philosopher who defended laissez faire economics |
| Capitalism | Economic system in which people invest money to make a profit |
| Utilitarianism | Belief that an idea is only 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 socialism in which all production is owned by the people |
| Union | Organization groups of works that bargain with business owners to get better pay and working conditions |
| Strike | Organization refusal to work |
| Urbanization | City building and the movement of people to cities |
| Middle Class | A social class of skilled workers, professionals, business people, and wealthy farmers |
| Abolish | to end |
| Agriculture evolution | Changes that led to great increases in the amount of food farmers produced |
| Ban | To forbid |
| Boom | A time of increased activity, wealth, and prosperity |
| Economists | People who study the ways that goods are made, sold, and bought |
| Imperialism | Actions or policies by which one country controls another |
| Marxism | Form of socialism proposed by Karl Marx |
| Output | Amount of something produced or manufactured |
| Raw Materials | Materials used in factories to create goods |
| Resisted | Worked against |
| Slums | Areas of poverty and poor housing |
| Stocks | Share of ownerships in a company |
| Tenant Farmers | Farmers who work land rented from someone else |
| Textile | Related to cloth or clothing |
Created by:
arielbecca
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