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11 Cards in this Set
- Front
- Back
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Domestic System
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The transformation when power-driven machinery in factories replaced work done in homes and on the field in the 1700 & 1800's
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Enclosure Movement
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The trend for large landowners gradually to fence and include public and private common lands in their own estates
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Capital
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Money available to invest in business
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Entrepreneur
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A person who undertakes risks to establish a business
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Factory System
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Method of production in which goods are made by workers and machines in one location (a factory) outside their homes
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Industrial Capitalism
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Economic System in which individuals continually reinvent profits and expand their business
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Interchangeable Parts
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Production method using identical, easy-to-assemble parts
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Partership
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Business owned by two or more entrepreneurs who share management, profits and losses
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Corporation
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Business organization characterized by stockholders who buy shares, and is run by prfessional managers
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Depression
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Economic situation characterized by a business group and employment
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Division of Labor
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Production technique in which each worker does one specialized task
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