industrial revolution

refers to the greatly increased output of machine-made goods that began in england in the middle 1700's

enclosed farms with hedges and fences

the system of growing a different crop in a field each year to preserve the fertility of the land

the process of developing machine production of goods

factors of production

the resources needed to produce goods and services that the industrial revolution required

a large building in which machinery is held to manufacture goods

a person who organizes, manages, and takes o the risks of a business

city building and the movement of people to cities

a social class made up of skilled workers, professionals, business people, and wealthy farmers

a business owned by stockholders

the economic policy of letting owners of industry and business set working conditions without interference

a professor who defended the idea of a free economy

an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit

the idea that the government should try to promote the greatest good for the greatest number of people; created by jeremy bentham

an economic system in which the factors of production are are owned by the public and operate for the welfare of all

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

workers joined together in voluntary labor associations

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chapter 9 vocabulary

section 1-4

Question	Answer
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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