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changes beginning in the 1700s when power-driven machines began to do much of the work that people had done before
Factors of Production
basic resources necessary for industrialization, such as land, capital, and labor
method of production in which work is done in homes rather than in a shop or factory
production of goods in factory through the use of machines and a large number of workers
method of making steel that involves the forcing of air through molten iron to burn off carbon and other impurities
economic system in which private individuals rather than the government control the factors of production
early phase of capitalism involving merchants who bought, sold, and exchanged goods
type of capitalism occurring during the Industrial Revolution when capitalists were involved in producing and manufacturing goods themselves , often using mechanized and industrialized methods of production
business organization in which individuals buy shares of stock, elect directors to decide policies and hire managers, and receive dividends according to the number of shares they own
economic system based on supply, demand, and competition, where laws and regulations are thought to interfere with the working of the system
belief that the principle of utility, or usefulness, was the standard by which to measure a society and its laws
persons who believe that people can live at peace with each other if they live in small cooperative settlements, owning all of the means of production in common and sharing the products
city-dwelling middle class, made up of merchants, manufacturers, and professional people such as doctors and lawyers; in Marxist philosophy, owners of property
economic and political system in which the government owns almost all the means of production and controls economic planning; communism
economic and political system in which the government owns almost all of the means of production and controls economic planning authoritarian socialism
political system in which the government takes over the means of production peacefully; people retain basic human rights and partial control over economic planning
John Stuart Mill
believed in laissez-faire but believed government should work for the well being of all
Developed cheaper process of producing steel by forcing air through molten iron to burn off impurities
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