Chapter Nine Flashcards
Refers to the greatly increased output of machine-made goods that began in England during the 18th century
Industrial revolution
Larger fields used to boost crop yields
Enclosure
System of growing a different crop in a field of land each year to preserve fertility
Crop rotation
The process of developing machine production of goods
Industrialization
The resources needed to produce goods and services that the industrial revolution required
Factors of production
Large buildings where wealthy merchants set up machines
Factories
A person who organizes, manages, and takes risks of a business
Entrepreneurs
City building and the movement of people into cities
Urbanization
A social class of skilled workers, professionals, businesspeople, and wealthy farmers
Middle class
A business owned by stockholders who share profits
Corporations
An economic policy of letting owners of industry and business set working conditions without interference
Laissez faire
Professor in Scotland who defended the idea of free economy, free markets
Adam Smith
The goal of making a profit
Capitalism
The factors of production are owned by th epiblic and operate for the welfare of all
Socialism
German journalist who introduced the world to a radical type of socialism called Marxism
Karl Marx