Unit 4 Vocabulary: Industrial Revolution (World History)
Terms in this set (19)
A person who organizes and operates a business or businesses, taking on financial risks in order to do so.
A business or manufacturing activity carried on in a person's home.
Money that is available for investment or invested in assets that make money (machines, property, buildings, patents).
an economic system and an ideology based on private ownership of the means of production and their operation for profit.
An economic theory that advocates that the means of production, distribution, and exchange should be owned or regulated by the society as a whole (usually the government).
The process more people moving to cities and cities growing.
The legal process in England of wealthy landowners buying the lands from small farmers to create one larger farm.
freedom of private business to organize and operate for profit in a competitive system.
Those who own the means of production (Factories / machines). Middle-class, business owners.
the working class
Scottish economist, philosopher, and author of "the Wealth of Nations." A pro-capitalism view.
a German philosopher, author of Das Kapital and the Communist Manifesto. An anti-capitalism view.
standardized parts that can be replaced by similar parts (invented by Eli Whitney).
a policy or attitude of letting things take their own course, without interfering. No government intervention or regulation.
Human activity that provides goods or services in the economy.
When you move from one place to another. Like the movement of people from farms to cities.
An organization of workers that tries to improve working conditions, wages, and benefits for its members
Complete control of the means of production or industry by one person or group
New inventions such as the seed drill and the steel plow made farming easier and faster. The production of food rose dramatically, while the need for farm labor declined.
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