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34 Cards in this Set

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Industrial Revolution
when power driven machines began to perform much of the work that people had done before
Enclosure Movement
fencing off, or enclosing, common lands into individual holdings
crop rotation
alternatin diffferent kinds of crops would preserve siol fertility
factors of production
land, capital, labor
Merchanization
the use of automatic machinery to increase production
Domestic System
a system in which men and women worked in their homes
Factory System
a spinning mill, bringing workers and machines together in one place to make goods
Bessemer Process
forcing ainr through the molten metal to burn out carbon and other impurities that made the metal brittle
Capitalism
the economic system in which individuals rather than governments control the factors of production
Commercial Capitalism
most capitalisns were merchants who boughtm sold, and excahnged goods
Industrial Capitalism
involved in producing and manufacturuing goods themselves, largely mechanized and industrialized
Division of labor
process into a series of steps and then asigned a step to each worker
Interchangeable Parts
machinery with identical, interchangeable parts
Mass Produciton
system of manufacturing large numbers of identical items, division of labor, interchangable parts, and assembly line
Sole Proprietorship
a business owned and controlled by one person
Partnership
a busines oened and controlled by two or more people
Corporation
a business organization in which individuals buy shares of stock, elect directios to decide policies and hire managers, and recieve dividents according to the number of shares they own
Monopoly
is the complete control od the production or sale of a good or service by single firm
Cartels
combinations of corportations (combined to control entire industries)
Business Cycle
brought alternating periods of prosperity and decline
Depression
the lowest point of a business cycle
Free Enterprise
the theory that anyone should be able to start a bussiness of hteir choice, and should operate for the greatest advantage
Laissez-Faire
meaning let do or leave things alone
Utilitarianism
every act of a society should be judged in terms of its usefulness
Strike
group of workers refused to work
Unions
assosiations of workers, would collect dues and use the moeny to pay workers while they wre on strike
Collective Bargaining
unions and management representatives met to negotiate wages, hours, and working conditions -negotiating
Socialism
governments own the means of production and operate them for the welfare of all people
Utopian Socialists
socialists who believed in trying for a perfect community, a utopia
Bourgeoisie
the owners-middle class
Proletariat
working class
Authoritarian Socialism
productionand controlled economic planning, which ignores basic human rights
Communism
see authoritarian socialism
Democratic Socialism
the owners would be paid for their property and gov. would operatethe means of production in the interest of all people