oo Flashcards
Enclosure Movement
The enclosure movement was this: wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land. The enclosure movement led to improved crop production, such as the rotation of crops.
Crop Rotation
the action or system of rotating crops.
Industrial Revolution
The Industrial Revolution was a period of major industrialization that took place during the late 1700s and early 1800s. … This time period saw the mechanization of agriculture and textile manufacturing and a revolution in power, including steam ships and railroads, that effected social, cultural and economic conditions.
factors of production
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Mechanization
Mechanization or mechanisation (British English) is the process of changing from working largely or exclusively by hand or with animals to doing that work with machinery. In an early engineering text a machine is defined as follows: … In some fields, mechanization includes the use of hand tools.
Factory System
Definition of factory system. : the system of manufacturing that began in the 18th century with the development of the power loom and the steam engine and is based on concentration of industry into large establishments —contrasted with domestic system.
Cottage Industry
a business or manufacturing activity carried on in a person’s home.
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Tenements
a piece of land held by an owner
Mass production
“Mass production”, “flow production” or “continuous production” is the production of large amounts of standardized products, including and especially on assembly lines.
Fordism
Fordism is a term widely used to describe (1) the system of mass production that was pioneered in the early 20th century by the Ford Motor Company or (2) the typical postwar mode of economic growth and its associated political and social order in advanced capitalism
Corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Monopoly
the exclusive possession or control of the supply or trade in a commodity or service.
Strikes
a refusal to work organized by a body of employees as a form of protest, typically in an attempt to gain a concession or concessions from their employer.
Unions
the action or fact of joining or being joined, especially in a political context.