chp 25 test Flashcards
industrial revolution
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
enclosure
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
crop rotation
system of planting a different crop in a field each year to preserve the fertility of the land
industrialization
process of developing machine production of goods; development of industries for the machine production of goods
factors of production
condition:resources needed to produce goods and services
include land, labor, and capital
factory
large building where machinery is used to manufacture goods
entrepreneur
person who organizes, manages, and takes in the financial risk of a business enterprise
urbanization
city building and movement of people to cities; growth of cities and migration of people into them
middle class
social class of skilled workers, professionals, business people, and wealthy farmers
stock
right/taking part of ownership in a company called a corporation
corporation
business owned by stockholders who share in its profits but are not personally responsible for it debts
laissez faire
economic theory that argues that governments should not interfere with business affairs; idea that government should not interfere with or regulate industries and business
adam smith
philosopher who defended laissez-faire economics
capitalism
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
utilitarianism
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
socialism
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
karl marx
economic thinker who wrote about a radical form of socialism, marxism
communism
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
union
organized group/association of workers that bargain with business owners to get better pay and working conditions
strike
organized refusal to work; refuse to work in order to force an employer to meet certain demands
