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chapter 9
industrial revolution
| 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 | 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
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