Chapter 25 Sections 1-4

Question 1

Industrial Revolution

Answer 1

Great increase in machine production that began in England in the 18th century

Question 2

Enclosure

Answer 2

Large closed in field for farming

Question 3

Crop rotation

Answer 3

Planting a different crop in a different field each year

Question 4

Industrialization

Answer 4

Process of developing machine production of goods

Question 5

Factors of production

Answer 5

Conditions needed to produce goods and services

Question 6

Factory

Answer 6

Building where goods are made

Question 7

Entrepreneur

Answer 7

Person who organizes,manages,and takes on financial risk of a business enterprise

Question 8

Urbanization

Answer 8

City building and the movement of people to cities

Question 9

Middle class

Answer 9

A social class of skilled workers,professionals,business people, and wealthy farmers

Question 10

Stock

Answer 10

Right of ownership in a company called a corporation

Question 11

Corporation

Answer 11

Business owned by stockholders who share in its profits but are not responsible for its debts

Question 12

Laissez faire

Answer 12

Economic theory that argues that governments should not interfere with business affairs

Question 13

Adam Smith

Answer 13

Philosopher who defended laissez faire economics

Question 14

Capitalism

Answer 14

Economic system in which people invest money to make a profit

Question 15

Utilitarianism

Answer 15

Belief that an Idea is only as good as it is useful

Question 16

Socialism

Answer 16

Belief that businesses should be owned by a society as a whole

Question 17

Karl Marx

Answer 17

Economic thinker who wrote about a radical form of socialism

Question 18

Communism

Answer 18

Form of socialism in which all production is owned by the people

Question 19

Union

Answer 19

Organized groups of workers that bargain with business owners to get better pay and working conditions

Question 20

Strike

Answer 20

Organized refusal to work