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honors world unit 1

industrial revolution stuff

TermDefinition
Enclosure A process where land was taken to be owned as private land.
Crop Rotation Growing different crops in the same field depending on the season or time of the year.
Industrialization The development of turning a country’s economy more manufacturing based.
Factors of Production Principles that are used to form a good economy. There are 4 Categories and they are land, labor, capital, and entrepreneurship.
Labor Work that is done by people.
Capital The purchase that uses money from the manufacturer to benefit the company even more.
Division of Labor The act of separating jobs and tasks and leaving it up to workers to take care of that.
Factory System The practice of using machinery and manufacturing, and also uses the division of labor.
Economic Efficiency Where all goods made are shared and used to their best to reduce waste.
Entrepreneur Someone who created a business/company.
Urbanization The process where an area is created to be more urban.
Middle-Class People who are in between both lower class and upper; in the middle of the economic social class.
Laissez-Faire The policy in which the government would have little control over economic individuals.
Capitalism An economic system where economic individuals were allowed to make their own decisions and make their own profit privately.
Socialism Another economic system where goods, production and manufacturing should be shared into public communities.
Communism Another economic system where economic property should be shared to everyone.
Union Where nations come together to form an agreement for goods, money, and people to access each other freely.
Strike The refusal of many workers to work under the conditions given.
Utilitarianism The thought of which choice would bring out the best.
Created by: arden08
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