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28 Cards in this Set

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Industrial Revolution
the greatly increased output of machine-made goods that began in England in the middle 1700’s
Enclosures
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 process of developing machine production of goods
Factors of production
the resources—including land, labor, and capital—that are needed to produce goods and services
Entrepreneur
a person who organizes, manages, and takes on the risks of a business
Factory
a large building in which machinery is used to manufacture goods
Urbanization
city building and the movement of people to the cities
Middle class
a social class made up of skilled workers, professionals, business people, and wealthy farmers
Stock
certain rights of ownership
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
laissez-faire
the economic policy of letting owners of industry and business set working conditions without interference
Adam Smith
a professor at University of Glasgow who defended the idea of a free economy and wrote the book The Wealth of Nations
capitalism
an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
utilitarianism
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
Thomas Malthus
a British economist who believed that natural laws governed economic life, and he wrote An Essay on the Principle of Population
An Essay on the Principle of Population
a book written by Thomas Malthus who said that population tended to increase more rapidly than the food supply
David Ricardo
a wealthy stockbroker who believed in capitalism and wrote Principles of Political Economy and Taxation
Principles of Political Economy and Taxation
written by David Ricardo, this book said that a permanent underclass would always be poor, and wages would be forced down as population increases.
Socialism
the economic system where the factors of production are owned by the public and operate for the welfare of all
Karl Marx
a German journalist who introduced the world to a radical type of socialism called Marxism
The Communist Manifesto
a pamphlet written my Karl Marx and Friedrich Engels where they argued that human societies are divided into the proletariat and the bourgeoisie classes
Communism
a form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people
Unions
voluntary labor associations where workers joined together to press reforms
Strike
to refuse to work
Factory Act of 1833
the law that made it illegal to hire children under the age of 9, and children that are 9-12 years old could not work for more than eight hours a day, and people from the ages 13-17 could not work for more than 12 hours
The Mines Act of 1842
the law that prevented women and children from working underground.
Ten Hours Act of 1847
the law that limited the work day to ten hours for women and children who worked in factories