Unit 10 Vocab Flashcards
The period of time where the output of machine made goods increased greatly; began in England during the 18th century
Industrial Revolution
Large fields
Enclosure
The system of growing a different crop in a field each year to preserve the fertility of the land
Crop rotation
The process of developing machine production of goods
Industrialization
The resources needed to produce goods and services the industrial revolution required
Factors of production
A large building with a crafting machine in it
Factory
A person who organizes, manages and takes on the risks of a business
Entrepreneur
City building and the movement of people to cities
Urbanization
A social class 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 economic policy of letting owners of industry and business set working conditions without interference
Laissez faire
A professor at the university of Glasgow
Adam Smith
An economic system in which money is invested in business ventures with the goal of making a profits
Capitalism
The idea that people should judge ideas, institutions and actions on the basis of their usefulness
Utilitarianism
The economic system where the factors of production are owned by the public and operate for the welfare of all
Socialism
