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Nadine Betancourt

Ch. 25 Industrial Revolution

QuestionAnswer
The shift, beginning in England during the 18th century, from making goods by hand to making them by machine. Industrial Revolution
The system of growing a different crop in a field each year to preserve the fertility of the land. Enclosures
The development of industries of the machine production of goods. Industrialization
The resources - including land, labor, and capital - that are needed to produce goods and services. Factors of production
A large building in which manufacture is used to manufacture goods. Factories
A person who organizes, manages, and takes on the risks of a business. Entrepreneur
The growth of cities and the migration of people into them. Urbanization
A social class made up of skilled workers, professionals, businesspeople, and wealthy framers. Middle Class
To raise the money, entrepreneurs sold became of stock Stock
A business owned by stockholders who share in its profits but are not personally responsible for its debts. Corporation
The idea that government should not interfere with or regulate industries and businesses. Laissez Faire
A professor at the University of Glasgow, Scotland. Adam Smith
An economic system based on private ownership and on the investment of money in business ventures in order to make profit. Capitalism
The theory, proposed by Jeremy Bentham in the late 1700's that government actions are useful only number of people. Utilitarianism
An economic system in which the factors of production are owned by the public and operate for the welfare of all. Socialism
Introduced the world to a radical type of socialism called Marxism. Karl Marx
An economic system in which all means of productions - land, mines, factories, railroads, and businesses. Communism
An association of works, formed to bargain fot better working conditions and higher wages. Unions
To refuse to work in order to force an employor to meent certain demands. Strike
Created by: aleaneisaswesome
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