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Industrail Revolution

Industrialization The process of developing machine made products
Entrepreneur A person who organizes, manages, and takes on the risk of business
Middle Class A social class made up of skilled workers, professionals, business-people, and wealthy farmers
Urbanization City building and the movement of people to the cities
Stock Rights of ownership that entrepreneurs sold to raise money
Corporation A business owned by stockholders who share in its profits but are not personally responsible for its debts
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 people should judge ideas, institutions, and actions on the basis of their utility, or usefulness. Government should promote the greatest good for the greatest number of people
Socialism The factor of production are owned by the public and operate for the welfare of all
Communism A form of complete socialism in which the people own the means of the production and no private property would exist. All goods and services are shared
Union Labor associations that worked together to press for reforms
Strike A tactic used by unions when factory workers refuse to meet Union demands
Suffrage The right to vote
Chartist Movement A popular movement in England the involved workers pressing for more rights and representation
Bourgeoisie Enterprising landowners and business class merchants
Proletariat Workers of various skilled and unskilled types
Laissez-faire The concept of "letting people do as they please" with little interference from the government
Class Struggle The concept that Marx describes as people never attaining the wealth needed to move between the classes
Enclosure The practice of buying up the land of small village farmers and enclosing their land with fences and hedges to make larger fields. Landowners would then use more productive seeding and harvesting methods
Crop Rotation Moving different types of crops to new fields every season to improve output
Created by: cmbinder197