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WH Industrial Rev
| Term | Definition |
|---|---|
| Industrial Revolution | Increase in machine production in England 18th centry |
| Enclosure | Big closed in-field for farming |
| Crop Rotation | Planting a diff crop in a diff field each year |
| Industrialization | Developing machine production for goods |
| Factors of production | Conditions needed to produce goods & services |
| Factory | Building where goods are made (capital) |
| Entrepreneur | Person who organizes, manages, and takes financial risk of a business enterprise |
| Urbanization | City building/movement of people to cities |
| Middle class | Social class of skilled workers, professionals, business people & wealthy farmers |
| Stock | Right of ownership in company called corporation |
| Corporation | Business owned by stockholders who share its profits but aren't responsible for the debts |
| Laissez faire | economic theory that argues gov should not interfere w business affairs |
| Adam Smith | philosopher who defended laissez faire |
| Capitalism | Economic system where people invest money make a profit |
| Utilitariasm | Belief that 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 about radical form of socialism |
| communism | form of socialism where all production is owned by the people |
| union | organized groups of workers that bargain w business owners to get better pay & working conditions |
| Strike | organized refusal to work |
| Abolish. | to end |
| Agricultural revolution. | changes that led to increase in food from farmers |
| Ban. | forbid |
| Boom. | time of increased activity wealth & prosperity |
| Economists. | People who study the way goods are made,sold & bought |
| Imperialism. | Actions or policies where 1 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 againist |
| Slums. | Areas of poverty & poor housing |
| Stock. | Shares of ownership in a company |
| Tenant farmers | farmers who work land rented from someone else |
| Textile | Related clothing or cloth |
Created by:
AlexiaFerraro
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