Industrial Revolution Study Guide Vocab
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20 terms
Terms | Definitions |
|---|---|
 enclosure | process of taking over and fencing off land once shared by peasant farmers |
| crop rotation | The practice of rotating use of different fields from crop to crop each year, to avoid exhausting the soil. |
| industrialization | the development of industries for the machine production of goods |
| factors of production | land, labor, and capital; the three groups of resources that are used to make all goods and services |
| factory | a plant consisting of buildings with facilities for manufacturing |
| entreprenenur | A person that organizes, manages, and assumes the risk of a buisness. |
| Industrial Revolution | the transformation from an agricultural to an industrial nation |
| urbanization | movement of people from rural areas to cities |
| middle class | A social class made up of skilled workers, professionals, business people, and wealthy farmers |
| stock | Share of Ownership in a Corporation |
| corporation | a business owned by stockholders who share in its profits but are not personally responsible for its debts |
| Laissez Faire | idea that government should play as small a role as possible in economic affairs |
| Adam Smith | Economist who wrote Wealth of Nations; Laissez-Faire economics |
| Capitalism | an economic system based on private property and free enterprise |
| utilitarianism | doctrine that the useful is the good |
| Socialism | an economic system in which the factors of production are owned by the public and operate for the welfare of all |
| Karl Marx | founder of modern communism |
| communism | a form of socialism that abolishes private ownership |
| union | the act of making or becoming a single unit |
| strike | the organized withdrawal of labor from a firm by a union |
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