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28 Cards in this Set
- Front
- Back
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capitalism
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an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
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capital
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money for investment
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communism
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an economic system, in which all means of production - land, mines, factories, RR and businesses - are owned by the people, private property does not exist, and all goods and services are equally shared
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corporation
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a business owned by stockholders who share in its profits but are not personally responsible for its debt
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entrepreneur
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a person who organizes, manages, and takes on the risks of a business
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factors of production
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the resources - land, labor, and capital - that are needed to produce goods and services
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imperialism
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a policy in which a strong nation seeks to dominate other countries politically, economically, or socially
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laissez faire
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the idea that government should not interfere with or regulate industries and businesses
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mass culture
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the production of works of art and entertainment designed to appeal to a large audience
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middle class
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a social class made up of skilled workers, professionals, business people and wealthy farmers
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socialism
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an economic system in which the factors of production are owned by the public and operate for the welfare of all
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standard of living
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the quality of life of a person or population, as indicated by the goods, services, and luxuries available to them
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union
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an association of workers, formed to bargain for better working conditions and higher wages
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urbanization
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the growth of cities and the migration of people into them
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strike
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to refuse to work in order to force an employer to meet certain demands
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stock
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ownership in a corporation
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industrial revolution
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the shift, beginning in England during the 18th century, from making goods by hand to making them by machines
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industrialization
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the development of industries for the machine production of goods
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Standard Oil
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J.D. Rockefeller
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Great Britain
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Where the Industrial Revolution began
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textile
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first industry to industrialize
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luddites
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English labor group who attacked factories in northern England in the early 19th century
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Carnegie Steel
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Andrew Carnegie
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New York Central and Hudson Railroad
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Cornelius Vanderbilt
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3 Natural Laws of Economics
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self interest, supply and demand, and competition
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Wealth of Nations
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Adam Smith's famous book on free market economics
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Communist Manifesto
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Karl Marx's work on outlining his ideas about class conflict
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Karl Marx
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German philosopher who introduced the world to radical form of socialism known as Marxism
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