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15 Cards in this Set

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  • Back
industrial revolution
the shift from making goods by hand to making them by machine
enclosure
one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers.
crop rotation
the system of growing a different crop in a field each year to preserve the fertility of the land
industrialization
the development of of industries for the machine production of goods.
factors of production
land
labor
wealth
factory
a large building in which machinery is used to manufacture goods
entrepreneur
a person who organizes, manages, and takes on the risks of a business
urbanization
the growth of cities and the migration of people into them
laissez faire
the idea that government should not interfere with or regulate industries and businesses
capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
utilitarianism
the theory that government actions are useful only if they promote the greatest good for the greatest number of people
socialism
an economic system in which the factors of production are owned by the public and operate for the welfare of all
communism
an economic system in which all means of production are owned by the people, private property foes not exist, and all good and services are shared equally
Adam Smith
proposed the idea of supply and demand and defended the idea of free markets
Karl Marx
author of the Communism