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Flashcards in Industrial Revolution Deck (25)
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1

association of workers that plan actions and coordinate demands for workers

unions

2

belief that the government should not interfere with the operations of business

laissez-faire

3

business organization in which people buy share of stock or ownership in the business

corporation

4

business owned and controlled by one person

sole proprietorship

5

business owned and controlled by two or more people

partnership

6

business method involving the refusal of workers to work until their demands

strike

7

characteristic of civilizations in which different people perform different jobs

division of labor

8

combination of corporations that control an entire industry

cartel

9

economic and political system where the government owns the means of production and controls economic planning

communism

10

lowest point of a business cycle; associated with low output and high unemployment

depression

11

method of production in which work is done in homes

domestic system

12

economic system in which individuals control the means of production

capitalism

13

name given by Marx to the working class

proletariat

14

parts that can go equally well into other components

interchangeable parts

15

pattern consisting of alternating periods of prosperity and decline

business cycle

16

practice of fencing or enclosing common lands into individual holdings

enclosure movement

17

process of negotiation between union members and management

collective bargaining

18

production of goods in a factory through the use of machines and a large number of workers

factory system

19

residential areas on the outskirts of cities

suburbs

20

system of producing large numbers of identical items

mass production

21

the city-dwelling middle class; in Marxist philosophy, owners of property

bourgeoisie

22

the practice of alternating crops of different kinds to preserve soil fertility

crop rotation

23

the process of people moving from rural areas to cities

urbanization

24

use of automatic machinery to increase production

mechanization

25

complete control of the production or sale of a good or service by a single firm

monopoly