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8 Cards in this Set
- Front
- Back
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What was the industrial revolution?
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refers to the greatly increased output of machine-made goods that began in England during the 18th century
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Factors of Production
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the resources - including land, labor, and capital- that are needed to produce goods and services
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Who was the first country to industrialize?
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Great Britain
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Who is Adam Smith?
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a professor at the University of Glasgow, defended the idea of a free economy, or free markets, wrote the book The Wealth of Nations
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Who is Karl Marx?
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a German journalist, who introduced the world to a radical type of socialism called Marxism
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Laissez-faire
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the idea that government should not interfere with or regulate industries and businesses
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union
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an association of workers, formed to bargain for better working conditions and higher wages
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collective bargaining
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negotiations between workers and their employers
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