Industrial Revolution Flashcards
Industrial Revolution
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine.
Enclosure
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
the system of growing a different crop in a field each year to preserve the fertility of the land.
industrialization
the development of industries for the machine production of goods.
Factors of Production
the resources—including land, labor, and capital—that are needed to produce goods and services.
factory
a large building in which machinery is used to manufacture goods
entrepreneur
a person who organizes, manages, and takes on the risks of a business.
urbanization
the growth of cities and the migration of people into them
middle class
a social class made up of skilled
workers, professionals, businesspeople, and wealthy farmers.
stock
certain rights of ownership in a business
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts.
Laissez Faire
the idea that government should not interfere with or regulate industries and businesses.
capitalism
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
Utilitarianism
the theory, proposed by Jeremy Bentham in the late 1700s, that government
actions are useful only if they promote the greatest good for the greatest number of people.
socialism
an economic system in which the factors of production are owned by the public and operate for the welfare of all.
