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