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Chavez WH 25 Vocab
CH 25
Question | Answer |
---|---|
Industrial Revolution | Great increase in machine production that began in England in the 18th century |
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 |
Factory | Building where goods are made |
Entrepreneur | Person who always 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 in a company called a corporation |
Corporation | Business owned by stockholders who share in its profits but are not responsible for its debts |
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 owners to get better pay and working conditions |
Strike | Organized refusal to work |
Abolish | To end |
Agricultural Revolution | Changes that led to great increases in the amount of food farmers produced |
Ban | To forbid |
Boom | A time of increased activity, wealth, 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 produced or manufactured |
Raw Materials | Materials used in factories to create goods |
Resisted | Worked against |
Slums | Areas of poverty and poor housing |
Stock | Shares of ownership in a company |
Tenant Farmers | Farmers who work land rented from someone else |
Textile | Related to cloth or clothing |