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40 Cards in this Set

  • Front
  • Back
enclosures
landowners taking land from smaller farmers in order to cultivate larger fields
Jethro Tull
Made seed Drill
Crop rotation
rotating the type of crop planted in different parts of farm in certain amount of time
Robert Bake well
Came up with system of breeding. increased output of food
factors of production
land, labor, and capital (expenses)
Industrialization
process of developing machine production of goods.
natural resources needed for industries
water power/ coal, river, harbor, iron ore
John Kay
Made the shuttle, increasing the weaving speed
James Hargreaves
Made Spinning Jenny. 8 threads at a time
Richard Arkwright
invented water frame 1769. waterpower to spin wheels.
Samuel crompton
1779 made spinning mule. Thicker line. Waterpowered.
factories
bulding with machines set up to produce goods
Eli whitney
made the cotton gin
James Watt
made steam engine work faster with less fuel.
entrepreneur
person that organizes, manages, and takes risks of a business
George Stephenson
Made steam engine trains
urbanization
movement of people to the cities, and more building being built
middle class
skilled workers, professionals, business people, and wealthy farmers
luddites
people who broke in and destroyed machines for losing jobs
factory act of 1819
child labor prohibited
samuel slater
made the first spinning machine in the u.s.
Moses Brown
made the first factory in u.s. from samuel's design
Francis Cabot Lowell
made every part in u.s. textile production mechanized
stock
partial ownership by money
corporation
business owned by stockholders but are not responsible of debts
William Cockerill
Brought spinning machinery to Belgium
laissez faire
economic policy of letting owners of factories set working conditions without interference
adam smith
madd the book the wealth of nations. 3 natural laws of economics
3 natural laws of economics
law of self interest
law of competition
law of supply and demand
capitalism
economic system production is owned privately and money is invested in business ventures to make a profit
Thomas Malthus
essay on the principles if population
natural disasters occur so that it does not become overpopulated
David ricardo
principles of political economy and taxation
as population increases, the wages for workers will go lower
utilitarianism
proposed by Jeremy Bentham. people should judge ideas on usefulness
John Stuart Mill
called for government to do away the great differences in wealth
Robert Owen
improved working conditions.
found New harmony
socialism
production is owned by the public and operates for the welfare of all
Karl Marx
wrote the communist Manifesto.
If all workers stood up and fought, they could win.
communism
everything will be owned by the people
unions
voluntary labor associations
strike
refusal to work