Terms & People Flashcards
Learn all the important terms and people from the book
Industrial Revolution
The middle of the 1700s when there was a great increased output of machine-made goods, That began in England
Enclosure
An area of land enclosed with hedges or fence, in which landowners experimented with more productive seeding and harvesting methods to boost crop yields
Crop Rotation
A process that involves changing what crop is planted in a field to prevent exhausting the soil of its nutrients, and adding new nutrients
Industrailization
The process of developing machine production of goods
Factors of Production
The resources needed to produce goods and services, these include
- Land
- Labor
- Capital/Wealth
Factory
A Large building that housed machines
entrepreneur
A person who organizes, manages, and takes on the risks of business
Urbanization
City building and the movement of people to cities
Middle Class
A social class made up of skilled workers, professionals, business people, and wealthy Farmers
Stock
Certain rights of ownership, usually referencing partial ownership to a corporation
Corporation
A business owned by stockholders who share in its profits, but aren’t personally responsible for its debts
Laissez Faire
The economic policy of letting the owners of industry and business set working conditions without interference
“Let the people do as they please”
Adam Smith
A professor who defended the idea of a free economy. His arguments rested on his three laws of economics
- The law of self interest
- The law of competition
- The law of supply and demand
Capitalism
An economic system in which the factors of Production are privately owned and money is invested in business ventures to make a profit
Utilitarianism
The philosophy that people should judge ideas, institutions, and actions on the basis of their utility or usefulness
