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34 Cards in this Set
- Front
- Back
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Industrial Revolution
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when power driven machines began to perform much of the work that people had done before
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Enclosure Movement
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fencing off, or enclosing, common lands into individual holdings
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crop rotation
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alternatin diffferent kinds of crops would preserve siol fertility
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factors of production
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land, capital, labor
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Merchanization
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the use of automatic machinery to increase production
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Domestic System
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a system in which men and women worked in their homes
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Factory System
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a spinning mill, bringing workers and machines together in one place to make goods
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Bessemer Process
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forcing ainr through the molten metal to burn out carbon and other impurities that made the metal brittle
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Capitalism
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the economic system in which individuals rather than governments control the factors of production
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Commercial Capitalism
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most capitalisns were merchants who boughtm sold, and excahnged goods
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Industrial Capitalism
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involved in producing and manufacturuing goods themselves, largely mechanized and industrialized
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Division of labor
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process into a series of steps and then asigned a step to each worker
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Interchangeable Parts
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machinery with identical, interchangeable parts
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Mass Produciton
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system of manufacturing large numbers of identical items, division of labor, interchangable parts, and assembly line
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Sole Proprietorship
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a business owned and controlled by one person
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Partnership
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a busines oened and controlled by two or more people
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Corporation
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a business organization in which individuals buy shares of stock, elect directios to decide policies and hire managers, and recieve dividents according to the number of shares they own
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Monopoly
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is the complete control od the production or sale of a good or service by single firm
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Cartels
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combinations of corportations (combined to control entire industries)
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Business Cycle
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brought alternating periods of prosperity and decline
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Depression
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the lowest point of a business cycle
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Free Enterprise
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the theory that anyone should be able to start a bussiness of hteir choice, and should operate for the greatest advantage
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Laissez-Faire
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meaning let do or leave things alone
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Utilitarianism
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every act of a society should be judged in terms of its usefulness
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Strike
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group of workers refused to work
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Unions
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assosiations of workers, would collect dues and use the moeny to pay workers while they wre on strike
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Collective Bargaining
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unions and management representatives met to negotiate wages, hours, and working conditions -negotiating
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Socialism
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governments own the means of production and operate them for the welfare of all people
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Utopian Socialists
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socialists who believed in trying for a perfect community, a utopia
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Bourgeoisie
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the owners-middle class
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Proletariat
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working class
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Authoritarian Socialism
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productionand controlled economic planning, which ignores basic human rights
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Communism
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see authoritarian socialism
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Democratic Socialism
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the owners would be paid for their property and gov. would operatethe means of production in the interest of all people
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