Industrial Revolution Flashcards
Agricultural Revolution
the increase of food supply lead to a giant increase of population in Britain.
Enclosure Acts
when big land owners in parliament voted to take away public land and common farming lands to make them their own
crop rotation
the system of growing a different crop in a field each year to preserve the fetility of the land
factors of production
the resources–including land, labor, and capital–that are needed to produce goods and services
industrialization
the development of industries for the machine production of goods
factory
a large building in which machinery is used to manufacture goods
entrepreneur
a person who organized, manages, and takes on the risks of business
urbanization
the growth and building of cities and the migration of people into them
middle class
social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
stock
certain rights of ownership
corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Crystal Palace
huge glass iron structure built at request of Queen Victoria and her husband where countries came together to display their advances in technology.
Wealth of Nations
Book written by Adam Smith about laissez faire
Jeremy Bentham
founder of Utilitarianism
laissez faire
no government interventions in economics
Adam Smith
professor, defended the idea of a free economy, or free markets.
Book: The Wealth of Nations about laissez faire
He was a big part of capitalism.
capitalism
an economic system in which the factors if production are privately owned and money is invested in business ventures to make a profit