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20 Cards in this Set

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  • Back
Define the Industrial Revolution
The rapid development of industry that occurred in Britain in the late 18th and 19th centuries, brought about by the introduction of machinery. It was characterized by the growth of factories , and the mass production of manufactured goods.
Define Factors of Production
Factors of production are the four fundamental requirements for the production of services and goods and services in any economy. There are four of them: capital, land, entrepreneurship, and labor.
Define Rural
Relating to the countryside.
Define Agriculture
Farming and/or raising animals (livestock)
Define Working class
The social group consisting of people who are employed for wages, especially in manual or industrial work.
Define Middle class
The social group between the upper and working classes, including professional and business workers.
Define Corporation
A company recognized by law to exist independently from its owners, with the ability to own property, borrow money, sue, or be sued.
Define Stock
A share of ownership in a business or corporation. They are often traded on public exchanges.
Define Laissez Faire
A policy or attitude of letting things take their own course, without interfering.
Define Capitalism
An economic and political system in which a country's trade and industry (means of production) are controlled by private owners for profit, rather than by state.
Define Socialism
A political and economic system that advocates that industry and trade should be owned by the community as a whole and operated for the public good.
Define Communism
A political theory derived form Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Define Utilitarianism
The doctrine that an action is right insofar as it promotes happiness, and that the greatest happiness for the greatest amount of people should be the guiding principle of conduct.
Define Imperialism
A policy in which a strong country seeks to dominate weaker countries politically, socially, or economically.
Define Racism
The belief that one race is superior to another race.
Define Social Darwinism
The application of Charles Darwin's theories about evolution and "survival of the fittest" to human societies. Used to justify imperialism and racism.
Define Assimilation
A policy in which a nation forces or encourages a subject people to adopt its institutions and customs.
Define Colony
A land controlled by another nation.

OR

A country or territory governed internally by another power.
Define Protectorate
A country or territory with its own internal government but under the control of an outside power.
Define Sphere of Influence
An area in which an outside power claims exclusive investment or trading privileges.