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25 Cards in this Set

  • Front
  • Back
domestic system
early industrial labor system in which workers produced goods at home
Enclosure movement
Large landowners gradually fence and include public and private common lands in their own estates
Capital
Money available to invest in business
Factory system
Method of production in which goods are made by workers and machines in one location (a factory) outside their homes
Industrial capitalism
Economic system in which individuals continually reinvest profits and expand their businesses
Interchangeable parts
Production method using identical, easy-to-assemble parts
Division of labor
Production technique in which each worker does one specialized task
Partnerships
Business owned by two or more entrepreneurs who share management, profits, and losses
Corporations
Business organization that is owned by stock holders who buy shares, and is run by professional managers
Depression
Economic situation characterized by a business slump and unemployment
Labor union
Organization of workers formed to pressure business owners to improve wages and working conditions
Laissez-faire
Economy principle that government should not regulate business
Utilitarianism
Economic philosophy that social and political actions should be useful and helpful to humanity
Socialism
Political theory that society as a whole should control the means of production, such as factories and land
Proletariat
In Marxist theory, the working class
Bourgeoisie
The middle class, between aristocrats and workers
Communism
In theories of Marx & Engels, a society without class distinctions or private property
Cell Theory
Scientific theory that small units called cells make up all living things
Evolution
Theory that species of living things change over long periods of time
Genetics
The study of biological heredity
Atomic theory
Scientific idea that all matter is made up if tiny particles called atoms
Emigration
Leaving ones home, country, or region, to settle elsewhere
Immagration
Entering a new country or region, to settle permanently there
Urbanization
The spread of cities and city living
Dominion
A self-governing nation within the British empire, later the commonwealth