Vocabulary Flashcards
(36 cards)
Industrial Revolution
The change from handmade goods to machine made goods
Factors of Production
The factors needed to industrialize (machine make parts):
Land (natural resources)
Labor (available workers)
Capital (money)
Enclosure Movement
Movement in England
Wealthy farmers bought out small farms
- More food = More people
- Unemployment= Population shift to urban areas with people looking for jobs
A cause of the Industrial Revolution
Urbanization
The rapid growth of cities
Laissez Faire
Economic System:
No government interference
Hands-Off approach
Adam Smith
Capitalist Wealth of Nations -Self Interest and Entrepreneurship -Competition determines best product -Supply and Demand
Utilitarianism
Created by Bentham
Government actions should benefit the majority
Capitalism
The factors of production are in the hands of the people
An economic system based on private ownership and investments
Socialism
The factors of production are owned by the state and operate for the welfare of all
Karl Marx
Wrote the Communist Manifesto
Communism
Factors of Production are shared equally amongst the people
Manifest Destiny
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Imperialism
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Scramble for Africa
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Direct Control
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Berlin Conference
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Indirect Control
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Annexation
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Opium War
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Taiping Rebellion
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Sphere of Influence
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Open Door Policy
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Boxer Rebellion
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Monroe Doctrine
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