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20 Cards in this Set
- Front
- Back
Industrial Revolution
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the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
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enclosure
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one of the fenced-in or hedged-in fields created by by wealthy British landowners on land that was formerly worked by village farmers
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crop rotation
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the system of growing a different crop in a field each year to preserve the fertility of the land
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industrialization
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the development of industries for the machine production of goods
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factors of production
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the resources- including land, labor, and capital- that are needed to produce goods and services
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factory
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a large building in which machinery is used to manufacture goods
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entrepreneur
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a person who organizes, manages, and takes on the risks of a business
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urbanization
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the growth of cities and the migration of people into them
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middle class
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a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
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corporation
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a business owned by stockholders who share in its profits but are not personally responsible for its debits
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stock
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rights of ownership to a business sold in shares
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laissez faire
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the idea that government should not interfere with or regulate industries and businesses
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capitalism
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an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
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utilitarianism
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the theory, proposed by Jeremy Bentham in the late 1700's, that government actions are useful only if they promote the greatest good for the greatest number of people
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socialism
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an economic system in which the factors of production are owned by the public and operate for the welfare of all
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communism
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an economic system in which all means of production – land mines, factories railroads, and businesses – are owned by the people, private property does not exist, and all goods and services are shared equally
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union
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an association of workers, formed to bargain for better working conditions and higher wages
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strike
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to refuse to work in order to force an employer to meet certain demands
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Adam Smith
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Defended the idea of free economy and made the three natural laws of economics )law of self-interest, law of competition, and law of supply and demand)
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Karl Marx
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founder of a radical type of socialism called Marxism, states societies are divided into warring classes - those who have and those who have not (wrote Communist Manifesto)
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