chp 25 test

Question 1

industrial revolution

Answer 1

great increase in machine production that began in england in the 18th century; the shift, beginning in england, from making goods by hand to making them by machine

Question 2

enclosure

Answer 2

large closed-in field for farming; one of the fenced-in or hedged-in fields created by wealthy british landowners on land that was formerly worked by village farmers

Question 3

crop rotation

Answer 3

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

Question 4

industrialization

Answer 4

process of developing machine production of goods; development of industries for the machine production of goods

Question 5

factors of production

Answer 5

condition:resources needed to produce goods and services

include land, labor, and capital

Question 6

factory

Answer 6

large building where machinery is used to manufacture goods

Question 7

entrepreneur

Answer 7

person who organizes, manages, and takes in the financial risk of a business enterprise

Question 8

urbanization

Answer 8

city building and movement of people to cities; growth of cities and migration of people into them

Question 9

middle class

Answer 9

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

Question 10

stock

Answer 10

right/taking part 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 personally responsible for it debts

Question 12

laissez faire

Answer 12

economic theory that argues that governments should not interfere with business affairs; idea that government should not interfere with or regulate industries and business

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; economic system based on private ownership and on the investment of money in business ventures in order to make a profit

Question 15

utilitarianism

Answer 15

belief that an idea is only as good as it is useful; theory that government actions are useful only if they promote the greatest good for the greatest number of people

Question 16

socialism

Answer 16

belief that business should be owned by society as a whole; economic system in which the factors of production are owned by the public and operate for the welfare of all

Question 17

karl marx

Answer 17

economic thinker who wrote about a radical form of socialism, marxism

Question 18

communism

Answer 18

form of socialism in which all production is owned by the people; economic system in which all means of production (including land, mines, factories, railroads, and business) are owned by the people, private property does not exists, and all goods and services are shared equally

Question 19

union

Answer 19

organized group/association of workers that bargain with business owners to get better pay and working conditions

Question 20

strike

Answer 20

organized refusal to work; refuse to work in order to force an employer to meet certain demands