Chapter 9 Flashcards
Larger fields
Enclosure
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Crop Rotation
The process of developing machine production of goods
Industrialization
Resources needed to produce goods and services that the industrial revolution required
Factors of Production
Large building with machines set up by wealthy textile merchants
Factory
Person who organizes, manages, and takes on the risks of a business
Entrepreneur
City building and the movement of people to cities
Urbanization
Social class of skilled workers, professionals, businesspeople, and wealthy farmers
Middle Class
Business owned by stockholders who share in its profits but are not personally responsible for its debts
Corporation
The economic policy of letting owners of industry and business set working conditions without interference
Laissez Faire
Professor at the university of Glasgow, Scotland, defended the idea of a free economy
Adam Smith
Economic system in which money is invested in business ventures with the goal of making profit
Capitalism
Philosophy introduced by Jeremy Bentham
Utilitarianism
Factors of production are owned by the public and operate for the welfare of all
Socialism
Introduced the world to a radical type of socialism called Marxism
Karl Marx
All land, mines, factories, railroads, and businesses would be owned by the people
Communism
Voluntary associations
Union
Negotiations between workers and their employers
Collective Bargaining
Refuse to work
Strike
The greatly increased output of machine-made goods that began in England during the 18th century
Industrial Revolution
