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industrial revolution
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enclosures
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chapter 9 vocabulary

section 1-4

QuestionAnswer
industrial revolution refers to the greatly increased output of machine-made goods that began in england in the middle 1700's
enclosures enclosed farms with hedges and fences
crop rotation the system of growing a different crop in a field each year to preserve the fertility of the land
industrialization the process of developing machine production of goods
factors of production the resources needed to produce goods and services that the industrial revolution required
factories a large building in which machinery is held to manufacture goods
entrepreneur a person who organizes, manages, and takes o the risks of a business
urbanization city building and the movement of people to cities
middle class a social class made up of skilled workers, professionals, business people, and wealthy farmers
stock certain rights of ownership
corporation a business owned by stockholders
laissez faire the economic policy of letting owners of industry and business set working conditions without interference
adam smith a professor who defended the idea of a free economy
capitalism an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
utilitarianism the idea that the government should try to promote the greatest good for the greatest number of people; created by jeremy bentham
socialism an economic system in which the factors of production are are owned by the public and operate for the welfare of all
communism as a form of complete socialism in which the means of production (all land, mines, factories, railroads, and business) would be owned by the people
unions workers joined together in voluntary labor associations
strike when workers refused to work
Created by: poplavskyz4825
 

 



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