Study Cards Flashcards
What is collective barganining?
process of negotiation between union members and management
Who was Charles Townshend?
He implemented crop rotation
What is Commercial Capitalism?
Early phase of Capitalism involving merchants who bought, sold, and exchanged goods
What is Communism?
Economic/Political System in which the government owns almost all the means of production and controls economic planning authoritarian socialism
What is Corporation?
Business organization in which individuals buy shares of stock, elect directors to decide policies and hire managers, and receive dividends according to the number of shares owned.
What is crop rotation?
The practice of alternating crops of different kinds to preserve soil fertility
Who was Cyrus Field?
laid first transatlantic telegraph cable
Who was David Ricardo?
believed supply and demand should determine wages
What is Democratic Socialism?
government takes over means of production peacefully, people retain basic human rights and partial control of economic planning.
What is a depression?
Lowest point of a business cycle
What is the Division of Labor?
characteristics of civilization in which different people preform different jobs
What is the Domestic System?
method of production in which work is done in homes rather than in a shop or factory
Who was Edmund Cartwright?
Inventor of the power loom
Who was Eli Whitney?
Invented the cotton gin
What was the enclosure movement?
practice of fencing or enclosing common lands into individual holdings
What are the Factors of Production?
basic resources necessary for industrialization
What is the Factory System?
production of goods in factory through the use of machines and a large number of workers
What is Free Enterprise?
Economic system based on supply, demand, and competition, where laws and regulations are thought to interfere with the working system.
Who was Henry Bessemer?
developed cheaper process of producing steel
What is Industrial Capitialism?
type of Capitalism when Capitalists were involved in producing and manufacturing goods themselves
What was the Industrial Revolution?
changes in the 1700s when power-driven machines began to do much of the work that people had done before
Who was James Hargreaves?
Invented the Spinning Jenny
Who was James Watt?
developed the steam engine
Who was Jethro Tull?
Invented the Seed Drill
Who was Jethro Wood?
Invented iron plow with standard parts
Who was John Kay?
Invented the Flying Shuttle
Who was John McAdam?
Developed method of building better roads by laying stones on each other.
Who was Karl Marx?
Co-author of “Communism Manifesto” and the founder of Communism
What is Laissez-fire?
Belief that the government should not interfere with operations of business
What is Mass Production?
System of manufacturing large numbers of identical items
What is Mechanization?
Use of automatic machinery to increase production
What is a Monopoly?
complete control of the production or sale of a good or service by a single firm
What is a partnership?
business owned and controlled by two or ore people
What is a Proletariat?
name given by Marx to the working class
Who was Richard Arkwright?
Invented water frame and opened the first spinning mill
Who was Robert Fulton?
Used steam engine to establish the first regular steamboat service
Who was Samuel Crompton?
Invented spinning mule
Who was Samuel Morse?
Invented Morse code and the telegraph
What is Socialism?
political and economic system in which the government owns the means of production.
What is Sole Proprietorship?
business owned and controlled by one person
What is a strike?
bargaining method involving the refusal of workers to work until their demands have been met
What is a Union?
associations of workers that plan actions and coordinate demands for workers
What is Utilitarianism
belief that the principle utility, or usefulness, was the standard by which to measure a society and its laws
Who was Alexander Graham Bell?
invented the telephone
What is Authoritarian Socialism?
government owns almost all the means of production and controls economic planning.
What is the Bourgeoisie?
city dwelling middle class in Marxist philosophy
What is the business cycle?
pattern of consisting of alternating periods of prosperity and decline.
What is Capitalism?
private individuals control the factors of production.
What is a Cartel?
Combinations of corporations that control an entire industry
