Ch. 16 Flashcards
enclosure movement
wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land. The enclosure movement led to improved crop production, such as the rotation of crops.
crop rotation
the system of varying successive crops in a definite order on the same ground, especially to avoid depleting the soil and to control weeds, diseases, and pests.
Industrial Revolution
The Industrial Revolution is the name given the movement in which machines changed people’s way of life as well as their methods of manufacture. About the time of the American Revolution, the people of England began to use machines to make cloth and steam engines to run the machines.
factors of production
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
mechanization
Mechanization or mechanisation (British English) is the process of changing from working largely or exclusively by hand or with animals to doing that work with machinery.
factory system
The factory system is a method of manufacturing using machinery and division of labour.
cottage industry
a business or manufacturing activity carried on in a person’s home.
entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
tenements
a room or a set of rooms forming a separate residence within a house or block of apartments or
a piece of land held by an owner.
mass production
“Mass production”, “flow production” or “continuous production” is the production of large amounts of standardized products, including and especially on assembly lines.
fordism
Fordism is a term widely used to describe (1) the system of mass production that was pioneered in the early 20th century by the Ford Motor Company or (2) the typical postwar mode of economic growth and its associated political and social order in advanced capitalism.
corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
monopoly
the exclusive possession or control of the supply or trade in a commodity or service.
strikes
hit forcibly and deliberately with one’s hand or a weapon or other implement.
unions
the action or fact of joining or being joined, especially in a political context.