Industrial Revolution Flashcards
Factors of Production
The resources needed to produce goods and services
Industrial Revolution
refers to the greatly increased output of machine made goods that began in England in the middle 1700’s
Capitalism
An economic system in which the factors of production are privately owned and money is invested in business venture to make a profit
Enclosure
Large, fenced in farms in England- whose wealthy landowners experimented with more productive seeding and harvesting methods
Strike
An organized protest by employees in which they refuse to work, thus shutting the business down
Industrialization
the process of developing machine made production
Utilitarianism
The idea that people should judge ideas, institutions and actions on their usefulness. Hence, government should have policies that promote the greatest good for the greatest number of people
Factory
Large buildings where people worked with machines to produce goods
Socialism
An economic system in which the factors of production are owned by the public and operate for the welfare of all
Adam Smith
A university professor who defended the idea of a free market economy
Karl Marx
A journalist who popularized a radical form of socialism
Union
Labor associations that seek to protect the interests of workers
Entrepreneur
A person who, organizes, manages and takes on the risks of a business
Middle Class
a social class made up of skilled workers, professionals, business people, and wealthy farmers.
Urbanization
city building and the movement of people to cities
