Chapter 25 Review sheet Flashcards
Industrial Revolution
Mid-1700s. Output of machine made goods. It began in England.
Enclosures
Larger fields > productive seeding / harvesting methods improved
Crop Rotation
three field system, build up nutrients
Industrialization
Industrialization refers to the process of using machines in the production of goods.
Factors of Production
Land, labor, and capital ($). Resources needed to produce goods & services.
Factories
Buildings equipped with machines that are used for production
Entrepreneur
An entrepreneur is a person who organizes, manages, and takes the risk of owning a business.
Cottage Industry
Goods were made by hand in homes
Urbanization
A time of rapid movement of people to the cities.
Middle Class
Social class (Bourgeoisie) made up of skilled workers.
Stock
A right of ownership to a publicly owned corporation or business.
Corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts.
Laissez-Faire
An economic policy (theory) stressing an unregulated free market. “Let Do” “Let people do as they please.”
ADAM SMITH
Capitalism
Factors of production, privately owned
Socialism
Factors of production are operated for the good of all
Utilitarianism
Usefulness; good for the greatest number of people.
Communism
Government controls everything
Union
Association of workers formed to improve working conditions / pay.