study guide terms

Question 1

Adam smith

Answer 1

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

Question 2

socialism

Answer 2

in socialism, the factors of production are owned by the public and operate for the welfare of all, socialism grew out of a belief in progress and a concern for social justice

Question 3

the wealth of nations

Answer 3

Smith argued that if individuals freely followed their own self-interest, the world would be an orderly and progressive place

Question 4

Friedrich engels

Answer 4

a German whose father owned a textile mill in Manchester, he and Marx outlined their ideas in a 23-page pamphlet called the Communist Manifesto

Question 5

factors of production

Answer 5

the resources- including land, labor, and capital- that are needed to produce goods and services

Question 6

collective bargianing

Answer 6

negotiations between workers and their employers

Question 7

utilitarianism

Answer 7

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

Question 8

capitalism

Answer 8

an economic system based on private ownership and on the investment of money in business ventures in order to make a profit

Question 9

Bessemer process

Answer 9

the first inexpensive industrial process that allowed for the mass production of steel

Question 10

the communist manifesto

Answer 10

Marx and Engels argued that human societies have always been divided into warring classes

Question 11

Karl marx

Answer 11

a radical who studies economics, published the Communist Manifesto based on his ideas of socialism

Question 12

laissez faire

Answer 12

the idea that government should not interfere with or regulate industries and businesses

Question 13

luddites

Answer 13

named after Ned Ludd (a mythical figure supposed to live in Sherwood forest), they attacked the “frames” (power looms) that they felt were taking their jobs

Question 14

charles fourier

Answer 14

a French philosopher, an influential early socialist thinker, and one of the founders of Utopian socialism

Question 15

urbanization

Answer 15

the growth of cities and the migration of people into them

Question 16

proletariat

Answer 16

workers or working-class people, regarded collectively (often used with reference to Marxism)

Question 17

bourgeoisie

Answer 17

the middle class, a group of business owners, merchants, and wealthy people

Question 18

John Stuart Mill

Answer 18

believed in utilitarianism, his goal was to justify the utilitarianism principle as the foundation of morals

Question 19

Factory System

Answer 19

a method of manufacturing where workers and manufacturing equipment are centralized in a factory, the work is supervised and structured through a division of labor

Question 20

Richard Arkwright

Answer 20

an English inventor and a leading entrepreneur during the early Industrial Revolution, he invented the water frame and spinning frame

Question 21

Entrepreneur

Answer 21

a person who organized, manages, and takes on the risks of a business

Question 22

middle class

Answer 22

a social class made up of skilled workers, professionals, business people, and wealthy farmers

Question 23

George stephenson

Answer 23

a civil engineer of railway routes and a mechanical engineer of rails and locomotives during the Industrial Revolution

Question 24

enclosures

Answer 24

one of the fenced-in or hedged-in field created by wealthy British landowners on land that was formerly worked by village farmers

Question 25

James watt

Answer 25

an inventor who significantly improved the design of the steam engine

Question 26

industrial revolution

Answer 26

the shift, beginning in England during the 18th century, from making good by hand to making them by machine