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21 Cards in this Set

  • Front
  • Back
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
Industrial Revolution
one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formally worked by village farmers
the system of growing a different crop in a field each year to preserve the fertility of the land
crop rotation
the development of industries for the machine production of goods
the resources-including land, labor and capital-that are needed to produce goods and services
factors of production
a large builing in which machinery is used to manufacture goods
a person who organizes, manages, and takes on the risks of a business
the growth of cities and the migration of people into them
a social class made up of skilled workers, professionals, business people, and wealthy farmers
middle class
rights of ownership sold by entrepreneurs to raise money for corporations
business owned by stockholders who share in its profits, but are not personally responsible for its debts
the idea that the government should not interfere with or regulate industries and businesses
laissez faire
author of The Wealth of Nations that defended the idea of a free economy; he said that economic liberty guaranteed economic progress, and claimed that government need not interfere in the economy
adam smith
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
the theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people
an economic system in which the factors of prodution are owned by the public and operate for the welfare of all
author of the Communist Manifesto with Friedrich Engels; he beleived the capitalist system, which produced the Industrial Revolution would eventually destroy itself; he theorized that factories would drive small artisans out of business, leaving a small number of manufacturers to control all of the wealth; the large proletariat(workers) would revolt, seize the factories and mills from the capitalists, and produce what society needed; the workers would control the government in a "dictatorship of the proletariat" causing the state to wither away as a classless society developed
Karl Marx
an economic system in which all means of production-lands, mines, factories, railroads, and businesses-are owned by the people, private property does not exist, and all goods and services are shared equally
an association of workers, formed to bargin for better working conditions and higher wages
negotiations between workers and their employers
collective bargaining
to refuse to work in order to force an employer to meet certain demands