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15 Cards in this Set
- Front
- Back
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industrial revolution
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the shift from making goods by hand to making them by machine
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enclosure
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one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers.
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crop rotation
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the system of growing a different crop in a field each year to preserve the fertility of the land
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industrialization
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the development of of industries for the machine production of goods.
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factors of production
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land
labor wealth |
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factory
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a large building in which machinery is used to manufacture goods
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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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urbanization
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the growth of cities and the migration of people into them
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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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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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utilitarianism
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the theory that government actions are useful only if they promote the greatest good for the greatest number of people
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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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communism
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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
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Adam Smith
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proposed the idea of supply and demand and defended the idea of free markets
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Karl Marx
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author of the Communism
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