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IndustrialRevolution

Midterm Review

TermDefinition
Industrial Revolution the process of change from an agricultural and handicraft economy to one dominated by industry and machine manufacturing. This process began in Britain in the 18th century and from there spread to other parts of the world
Enclosure Movement a push in the 18th-19th centuries to take land that had formerly been owned in common by all members of a village, or available to the public for feeding animals and growing food, and change it to privately owned land
Crop Rotation the practice of growing a series of unlike or different types of crops in the same area in sequenced seasons. This helps reduce soil erosion and increases soil fertility and crop income
Factors of Production an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. Includes land, labor, capital, entrepreneurship, and the state of technological progresss
Land raw property and anything that comes from the ground (natural resources). It can be a non-renewable resource which includes goods such as oil and gold. It can also be a renewable resource, such as timber
Labor work effort the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward
Capital anything made that is used to make something else
Entrepreneurship
Mechanization
Factory System
Domestic System
Interchangeable Parts
Division of Labor
Mass Production
Assembly Line
Urbanization
Sole Proprietorship
Partnership
Corporation
Laissez Faire
Adam Smith
Capitalism
Business Cycle
Depression
Prosperity
Socialism
Karl Marx
Communist Manifesto
Communism
Union
Strike
Created by: Studypersona
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