Semester 2 Final Flashcards
(151 cards)
the development of industries for the machine production of Goods
industrialization
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
Industrial Revolution
one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farms
enclosure
the system of growing a different crop in a field each year to preserve the fertility of the land.
crop rotation
a large building in which machinery is used to manufacture goods
factory
a person who organizes, manages, and takes on the risks of a business
entrepreneur
the growth of cities and the migration of people into them
urbanization
a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
Middle Class
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Corporation
the shares of a particular company or corporation
Stock
Land, Labor, and capital
Factors of production
the idea that government should not interfere with or regulate industries and businesses
Laissez-Faire
a professor at the University of Glasgow, Scotland, defended the idea of a free economy, or free markets, in his 1776 book The Wealth of Nations
Adam Smith
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
Capitalism
The economic system in which the factors of production are owned by the public and operate for the welfare of all people is called
socialism
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
utilitarianism
German philosopher, economist, and revolutionary
Karl Marx
First area to industrialize. Many new inventions: flying shuttle, spinning jenny, water frame, spinning mule, power loom, and cotton gin
Textile Idustry
an economic system in which all means of production—land, mines, factories, railroads, and businesses— are owned by the people, private property does not exist, and all goods and services are shared equally
Communism
an association of workers, formed to bargain for better working conditions and higher wages
Union
to refuse to work in order to force an employer to meet certain demands
Strike
This is the 1848 book written by Karl Marx and Friedrich Engels which urges an uprising by workers to seize control of the factors of production from the upper and middle classes
Communist Manifesto
Causes: Natural resources, expanding economy, highly developed banking system, political stability, no wars. Effects: New inventions, improvements in transportation, railroads
Causes and Effects of Industrialization
a city in NW England: connected with the Mersey estuary by a ship canal, one of the first cities to industrialize
Manchester