Definitions Flashcards
Capitalism
The economic/ political system were businesses are owned privately and run for profit
Democracy
system of government by the whole population or all the eligible members of a state, typically through elected representatives.
Closed shop
where the employer will only hire people who are members of a specific trade union
Entrepreneur
starts a business in hope for profit - often some risk associated with it
Artisan
Skilled trade - made by hand
Knobstick
refuses to join withdraws from a trade union
Picketing
Protesting outside the workplace
Dividends
money paid to shareholders in a business from the profits
Mutualism
a political/ economic system that favours common ownership of the means of production, and the establishment of cooperatives
Cooperative economics
people unite to reach their common social and economic needs
Laissez faire economics
economic system where businesses exist and trade free from government intervention
Hunger politics
movements for political change incited by economic issues like poor harvests
Constitution
a set off principles that determine how a state is governed
Patronage
where an MP is sponsored by a lord to present his views in the house of commons
Pocket Borough
borough is owned, land owner controlled the voting