25 Flashcards
(20 cards)
Industrial Revolution
Great increase in machine production that began in England in the 18th century
Enclosure
Large closed-in field for farming
Crop rotation
planting a different crop in a different field each year
Industrialization
Process of developing machine production of goods
Factors of production
Conditions needed to produce goods and services
Factory
Building where goods are made
Entrepreneur
Person who organizes, manages, and takes on the financial risk of a business empire
Urbanization
City building and the movement of people to cities
Middle class
A social class of skilled workers, professionals, business people, and wealthy farmers
Stock
Right of ownership in a company called a corporation
Corporation
Business owned by stockholders who shares in its profits but are not responsible for its debts
Strike
Organized refusal to work
Union
Organized groups of workers that bargain with business owners to get better pay and working conditions
Communism
Form of socialism in which all production is owned by the people
Karl Marx
Economic thinker who wrote about a radical form of socialism
Socialism
Belief that businesses should be owned by society as a whole
Utilitarianism
Belief that an idea is only as good as it is useful
Capitalism
Economic system in which people invest money to make profit
Adam Smith
Philosopher who defended laissez faire economics
laissez faire
economic theory that argues that government should not interfere with business affairs
