Chater 25 Flashcards
What were the three factors of production required to drive the industrial revolution?
Land, Labor, Capital.
What is the laissez-faire policy?
Industry owners set working conditions without government interference.
What was the impact of the steam engine on the production of British goods?
Brought transportation of people & material to a new level.
Who defended the free-market system of capitalism in the book, The Wealth of Nations?
Adam smith.
With which political philosophy is Karl Marx most closely associated?
Communism.
What was the Industrial Revolution?
Increased output of machine goods that began in England during 18th Century.
What is the name for the voluntary associations of workers seeking labor reforms?
Unions.
An entrepreneur is a type of
business person.
What were three major reform movements of the 1800s?
abolition, women’s rights, public education.
