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Chavez WH 25 Vocab

CH 25

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