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chapter 9

industrial revolution

TermDefinition
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 condition needed to produce goods and service
factory building where goods are made
entrepreneur person who organizes, manages, and takes on the financial risk of a business
urbanization city building and the movement of people to cities
middle class a social class of skilled workers, professionals, business people, and wealthy farmers
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 dedts
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 its useful
socialism belief that businesses should be owned by society as whole
Karl Marx economic thinker who wrote about a radical form of socialism
communism form of socialism in which all production is owned by people
union organized group of workers that bargain with business owners to get better pay and working conditions
strike organized refusal to work
abolish to end
agricultural rev changes that led to great increase in amount of food made by farmers
ban to fobid
boom a time of increase activity, wealth, and prosperity
economist people that study ways that goods are made, sold, bought
imperialism actions by which one country controls another
Marxism form of socialism by Marx
output amount of something manufactured
raw material materials used to make goods
resisted work against
slum areas of poverty and poor housing
stock shares of ownership in company
tenant farmers who work land rented form people
textile clothes clothing
Created by: derryal122297