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Industrial Rev.
Vocabulary
| Term | Definition |
|---|---|
| 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 the same field each year to allow the soil to regenerate |
| 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 organizes, manages, and takes on the financial risk of a business enterprise |
| Henry Bessemer | British engineer who developed a way to mass-produce steel cheaply |
| urbanization | city building and the movement of people to cities |
| middle class | social class of skilled workers, professionals, business people and wealthy farmers |
| mass production | system of manufacturing large quantities of identical items |
| interchangeable parts | machine parts that are identical and manufactured by machine |
| assembly line | each worker does one step of a manufacturing processes |
| division of labor | different workers doing individual and different tasks |
| specialization | separation of tasks |
| economic interdependence | people in a society relying on other people |
| 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 efforts |
| Adam Smith | philosopher who defended laissez-faire economics |
| capitalism | economic system in which people invest money to make a profit |
| utiiltarianism | belief tyhat 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 a socialism in which all production is owned by the people |
| anarchism | belief that people should be able to develop freely without government interferance |
| union | organized groups of workers that bargain with business owners to get better pay and working conditions |
| strike | organized refusal to work |
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