Chapter 25
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Created by:
josoto12 Plus on April 1, 2011
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34 terms
Terms | Definitions |
|---|---|
 Industrial Revolution | Great increase in machine production that began in England in the 18th century |
| Enclosure | Large closed-in field for farming |
| Crop rotation | Planting a different crop in a different field each year |
| Factors of production | Conditions needed to produce goods and services |
| Factory | Building where goods are made |
| Entrepreneur | Person who organizes, manages, and takes on the financial risk of a business enterprise |
| Industrialization | Process of developing machine production of goods |
| Jethro Tull | Invented a seed drill |
| Selective breeding | Livestock breeders allow only the best to breed |
| Cotton gin | Created a boosts in American cotton production |
| James Watt | Improved the steam engine |
| Water frame | Uses water to drive spinning wheels |
| Robert Fulton | Builds first steamboat, the Clermont,1807 |
| Richard Trevithick | Builds first steam locomotive |
| George Stephenson | Builds first railroad line |
| Rocket | Stephenson's —best locomotive (1829 |
| Urbanization | City-building and movement of people to cities |
| Middle class | Skilled workers, merchants, rich farmers, professionals |
| Luddites | Destroyed machinery in factories |
| 1819 Factory Act | Restricts working age, hours for children working in factories |
| Stock | Right of ownership in a company called a corporation |
| Corporation | Business owned by stockholders who share in its profits but are not responsible for its debts |
| Laissez faire | Policy of not interfering with businesses |
| Adam Smith | Author of The Wealth of Nations |
| Economic natural laws | Self-interest, competition, supply and demand |
| Capitalism | system of privately owned businesses seeking profits |
| John Stuart Mill | Favors regulation to help workers, spread wealth |
| Robert Owen | Improves workers' conditions and in 1824, founds utopian community in New Harmony, Indiana |
| Socialism | Economic system in which the factors of production are owned by and operated for the people |
| Karl Marx | Economic thinker who wrote about a radical form of socialism |
| Communism | Form of socialism in which all production is owned by the people |
| Union | Organized groups of workers that bargain with business owners to get better pay and working conditions |
| Friedrich Engels | German whose father owns a Manchester textile mill, co-author of the The Communist Manifesto |
| 1842 Mines Act in Britain | Stops women, children working underground |
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