Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
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
|
