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