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Industrial Rev.
Global 10
| Term | Definition |
|---|---|
| Industrial Revolution | refers to the greatly increased output of machine-made goods that began in England in the middle 1700s |
| Crop Rotation | Rotating crops each year to restore nutrients; improves output |
| Industrialization | the process of developing machine production of goods |
| Enclosure | wealthy landowners enclosed their land with fences; experimented with more productive seeding and harvesting methods to boast crop yields |
| Urbanization | city building and the movement of people to cities |
| Middle Class | a social class made up of skilled workers, professionals, business people, and wealthy farmers |
| Laissez faire | refers to the economic policy of letting owners of industry and business set working conditions without interference |
| Capitalism | is an economic system in which the factors of production are privately owned and money is invested to make a profit |
| Socialism | the factors of production are owned by the public and operate for the welfare of all |
| Utilitarianism | people should judge ideas, institutions, and actions on the basis of their utility, or usefulness |
| Communism | a form of complete socialism in which the means of production - all land, mines, factories, railroads, and businesses- would be owned by the people |
| Adam Smith | wrote "Wealth of Nations," government should not interfere with economy |
| Karl Marx | marxism; "haves" employers vs. "have-nots" workers |
Created by:
Maslyn31
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