click below
click below
Normal Size Small Size show me how
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 |