The Industrial Revolution - Chapter 25

Question 1

Person who organizes, manages, and takes on the financial risk of a business enterprise

Answer 1

entrepreneur

Question 2

City building and the movement of people to cities

Answer 2

urbanization

Question 3

Large closed-in field for farming

Answer 3

enclosure

Question 4

Belief that an idea is only as good as it is useful

Answer 4

utilitarianism

Question 5

Conditions needed to produce goods and services

Answer 5

factors of production

Question 6

Economic thinker who wrote about a radical form of socialism

Answer 6

Karl Marx

Question 7

Process of developing machine production of goods

Answer 7

industrialization

Question 8

Building where goods are made

Answer 8

factory

Question 9

Economic theory that argues that governments should not interfere with business affairs

Answer 9

laissez faire

Question 10

Organized groups of workers that bargain with business owners to get better pay and working conditions

Answer 10

union

Question 11

Organized refusal to work

Answer 11

strike

Question 12

Business owned by stockholders who share in its profits but are not responsible for its debts

Answer 12

corporation

Question 13

Philosopher who defended laissez faire economics

Answer 13

Adam Smith

Question 14

Form of socialism in which all production is owned by the people

Answer 14

communism

Question 15

Belief that businesses should be owned by society as a whole

Answer 15

socialism

Question 16

Economic system in which people invest money to make a profit

Answer 16

capitalism

Question 17

A social class of skilled workers, professionals, business people, and wealthy farmers

Answer 17

middle class

Question 18

Great increase in machine production that began in England in the 18th century

Answer 18

Industrial Revolution

Question 19

Right of ownership in a company called a corporation

Answer 19

stock

Question 20

Planting a different crop in a different field each year

Answer 20

crop rotation