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20 Cards in this Set
- Front
- Back
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Industrial revolution |
The shift, beginning in England, from making goods by hand to making them by machine
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Enclosure
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Fenced in fields created by wealthy British landowners that was formerly worked on by village farmers.
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Crop rotation
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The system of growing a different crop in a field each year to preserve the fertility of the land.
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Factors of Production
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The recourses needed to produce
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Factories |
Large buildings where machinery is used to make goods |
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entrepreneur |
person who takes the risk of a business |
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Urbanization |
The growth of cities and the migration of people into them |
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Middle Class |
social class made of skilled workers, professionals, business owners, and wealthy farmers. |
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Stock |
certain rights of ownership that can be bought or sold. |
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corporation |
a business owned by stock holders who share in its profits but are not responsible for its debts. |
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laissez fair |
the economic policy of letting business owners set working conditions without interference. |
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Adam Smith |
a professor that believed that economic liberty guaranteed economic progress. |
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capitolism |
economic system where factors of production are privately owned and money is invested in business ventures to make profits |
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utilitarianism |
the theory that ideas, institutions, and actions should be judged by their utility/usefulness. |
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socialism |
the factors of production are owned by the public and operate for the welfare of all |
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Karl Marx |
German journalist that introduced Marxism (form of socialism) |
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Communism |
all means of production are owned by the people and goods and services would be shared equally |
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unions |
voluntary labor associations |
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strike |
refusal to work |
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Industrialization
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The development of industries for the machine production of goods.
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