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Vocabulary
| Term | Definition |
|---|---|
| Industrial Revolution | Great increase in machine production that began in England in the 1700's to 1800's |
| 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 |
| Factor | Building where goods are made |
| Entrepreneur | Person who organizes, manages, and takes on the financial risk of a business enterprise |
| 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 |
| Corporation | business owned by stockholders who share in its profits |
| 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 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 a radical form of socialism |
| Communism | Form of socialism in which all production is owned by the people |
| Union | organized groups of workers that bargain with business |
| Strike | Organized refusal to work |
| Abolish | To end |
| Agricultural Revolution | Changes that led to great increase in the amount |
| Ban | to forbid |
| Boom | A time of increased activity, wealthy, 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 |
| Raw materials | Create goods |
| resisted | Worker against |
| Slums | Areas of ownership in a housing |
| Stock | Shares of ownership i a company |
| Textile | related to cloth or something |
| Tentant farmers | Farmers who work land rented from someone else |
Created by:
Elbercon
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