Chapter 25 Flashcards
Entrepreneur
A person who organizes, manages, and takes on the risks of a business
Industrial Revolution
The shift, beginning in England during the 18th century, from making goods by hand to making them by machine
Industrialization
The development of industries for the machine production of goods
Factors of Production
The resources—including land, labor, and capital—that are needed to produce goods and services
Stock
Certain rights of ownership
Capitalism
An economic system based on private ownership and on the investment of money in business ventures in order to make a profit
Laissez Faire
The idea that government should not interfere with or regulate industries and businesses
Communism
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 re shared equally
Unions
An association of workers, formed to bargains or better working conditions and higher wages
Middle class
A social class made up of skilled workers, professionals, business people, and wealthy farmers
Crop Rotation
The system of growing a different crop in a field each year to preserve fertility of the land
Utilitarianism
The theory proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people
Collecting Bargaining
Negotiations between workers and their employers
Strike
To refuse to work in order to force an employer to meet certain demands
Karl Max
German journalist that introduced the world to a radical type of socialism called Marxism
