chapter 9 vocab

Question 1

the idea that government should not interfere with or regulate industries and businesses

Answer 1

laissee-faire

Question 2

a person who organizes, manages, and takes on the risks of a business

Answer 2

entrepreneur

Question 3

an association of workers, formed to bargain for better working conditions and higher wages

Answer 3

union

Question 4

the resources- including land, labor, and capital- that are needed to produce goods and services

Answer 4

factors of production

Question 5

certain rights of ownership

Answer 5

stock

Question 6

the development of industries for machine production of goods

Answer 6

industrialization

Question 7

a business owned by stockholders who share in its profits but are not personally responsible for its debts

Answer 7

corporation

Question 8

the system of growing a different crop in a field each year to preserve the fertility of the land

Answer 8

crop rotation

Question 9

the growth of cities and migration of people into them

Answer 9

urbanization

Question 10

one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked on by village farmers

Answer 10

enclosure