Unit 7 Flashcards
Great increase in machine production that began in England in the 18th century
Industrial Revolution
Large closed-in field for farming
Enclosure
Planting a different crop in a different field each year
Crop Rotation
Process of developing machine production of goods
Industrialization
Conditions needed to produce goods and services
Factors of production
Building where goods are made
Factory
Person who organizes, manages, and takes on the financial risk of a business enterprise
Entrepreneur
What is urbanization?
The growth of cities and the migration of people into them
Why did more people decide to move to cities at this time?
It was caused by the growth of the factory system, where the manufacturing of goods was concentrated in a central location
A social class made up of skilled workers, ect
middle class
the growth of cities and the migration of people into them.
urbanization
a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.
middle class
An outbreak or unusually high occurrence of a disease or illness in a population or area
Epidemic
the population of blue-collar workers, particularly skilled and semiskilled laborers, who differ in values, but not necessarily in income
Working class
organized to destroy manufacturing machinery, under the belief that its use diminished employment
Luddites
organized to destroy manufacturing machinery, under the belief that its use diminished employment
slums
a business owned by stockholders who share in its profits but are not personally responsible for its debts
corporation
the idea that government should not interfere with or regulate industries and businesses.
laissez faire
a professor at the University of Glasgow
Adam Smith
an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
capitalism
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
utilitarianism
an economic system in which the factors of production are owned by the public and operate for the welfare of all
socialism
a German journalist
Karl Marx
an economic system in which all means of production—land, mines, factories, railroads, and businesses— are owned by the people, private property does not exist, and all goods and services are shared equally
communism
an association of workers, formed to bargain for better working conditions and higher wages
Union
