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industrial revolutio

industrial revolution great increase in machine production that began in England in the 18th century
Enclosure large closed-in field for farming
industrialization process of developing machine products of goods
factors of production conditions needed to produce goods and services
factory building were goods are mede
entrepreneur person who organizes manages and takes on the financial risk of a business enterprise
urbanization city building and the movement of people 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 responding
laissez faire economic theory that argues that governments should not interfere with business affairs
adam smith philosopher who defends laissrz faire economics
capitalism economic system in which people invest money to make a profit
utitarianism belief that an idea is only as good as it useful
socialism belief that businesses should be owned by society as a whole
kar marx economic thinker who wrote about a radical form of socialism
communism from of socialism in which all products is owned by the people
union organized groups of workers that bargain whit business is owned to get better pay and working conditions
strike organized refusal to work
Created by: supermanxd16