section 1-4
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| industrial revolution | refers to the greatly increased output of machine-made goods that began in england in the middle 1700's
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| enclosures | enclosed farms with hedges and fences
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| crop rotation | the system of growing a different crop in a field each year to preserve the fertility of the land
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| industrialization | the process of developing machine production of goods
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| factors of production | the resources needed to produce goods and services that the industrial revolution required
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| factories | a large building in which machinery is held to manufacture goods
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| entrepreneur | a person who organizes, manages, and takes o the risks of a business
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| urbanization | city building and the movement of people to cities
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| middle class | a social class made up of skilled workers, professionals, business people, and wealthy farmers
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| stock | certain rights of ownership
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| corporation | a business owned by stockholders
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| laissez faire | the economic policy of letting owners of industry and business set working conditions without interference
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| adam smith | a professor who defended the idea of a free economy
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| capitalism | an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
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| utilitarianism | the idea that the government should try to promote the greatest good for the greatest number of people; created by jeremy bentham
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| socialism | an economic system in which the factors of production are are owned by the public and operate for the welfare of all
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| communism | as a form of complete socialism in which the means of production (all land, mines, factories, railroads, and business) would be owned by the people
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| unions | workers joined together in voluntary labor associations
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| strike | when workers refused to work
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