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IR-Scicchitano
Question | Answer |
---|---|
Urbanization | Moving from the rural farms to the cities |
Rural | Countryside, farmland |
Agrarian Revolution | Increase in production of crops/food...leads to population growth |
Enclosures | Moving farms together, instead of being spread out (more efficient). Reduces labor needs, farmers go to the cities for work. |
Factories | Large buildings, bringing workers and machines together in one place. More can be produced at a faster rate. |
Natural Resources | Raw materials (ex: coal, lumber, iron ore) needed to produce finished goods in the factories. |
Capitalism | Economic system driven by supply & demand...promotes competition between businesses. |
Adam Smith | Economist, develops capitalism, book called wealth of nations. |
Laissez-Faire | Economic term, government should have little or no say in business "HANDS-OFF" |
Supply & Demand | the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price. |