Chapter 21 Flashcards
Massive growth in cities
Urbanization
Identical machine made parts
Interchangeable parts
System of government which government actions benefit the majority
Utilitarianism
Land, labor, capital
Factors of production
Process in which one person is trained to do one job
Division of labor
No government intervention in the economy
Laissez Faire
Period of time in which manpower was replaced by machine power
Industrial revolution
Training to do a specific job
Specialization
Economic system based off of private industry
Capitalism
Government in which the people own and operate everything
Communism
Process of producing large numbers of identical goods
Mass production
Government owns and operates all production
Socialism
Process of mass producing goods based on specialization
Assembly line
British economist who advocated Laissez Faire economics
Adam Smith
What are three things that brought on the agricultural revolution?
New technology
Crop rotation
Enclosure movement