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WH Industrial Rev

TermDefinition
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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