voc 1 Flashcards
enclosure movement
The enclosure movement was this: wealthy farmers bought land from small farmers, then benefited from economies of scale in farming huge tracts of land. The enclosure movement led to improved crop production, such as the rotation of crops.
crop rotation
the action or system of rotating crops.
industrial revolution
The Industrial Revolution was a period of major industrialization that took place during the late 1700s and early 1800s. … This time period saw the mechanization of agriculture and textile manufacturing and a revolution in power, including steam ships and railroads, that effected social, cultural and economic conditions.
factors of production
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.
mechanization
Mechanization or mechanisation (British English) is the process of changing from working largely or exclusively by hand or with animals to doing that work with machinery. In an early engineering text a machine is defined as follows: … In some fields, mechanization includes the use of hand tools.
factory system
Definition of factory system. : the system of manufacturing that began in the 18th century with the development of the power loom and the steam engine and is based on concentration of industry into large establishments —contrasted with domestic system.
cottage industry
a business or manufacturing activity carried on in a person’s home.
entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
tenements
a room or a set of rooms forming a separate residence within a house or block of apartments.
2.
a piece of land held by an owner.
mass production
Mass production is the manufacture of large quantities of standardized products, frequently utilizing assembly line technology. Mass production refers to the process of creating large numbers of similar products efficiently.
fordism
Fordism is a term widely used to describe (1) the system of mass production that was pioneered in the early 20th century by the Ford Motor Company or (2) the typical postwar mode of economic growth and its associated political and social order in advanced capitalism.
corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.