20 terms

Chapter 25: Industrial Revolution

Industrial Revolution
the greatly increased output of machine-made goods that began in England during the 18th century
One of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers.
Crop Rotation
The practice of rotating use of different fields from crop to crop each year, to avoid exhausting the soil.
Factors of Production
land, labor, and capital (wealth)
large buildings with machines
person who organizes, manages and takes risks on businesses
city buildling and the movement of people to cities
Middle Class
A social class made up of skilled workers, professionals, business people, and wealthy farmers
Samuel Slater
He memorized the way that the British made machines and he brought the idea to America. He made our first cotton spinning machine.
businesses that are owned by many investors who buy shares of stock
policy of extending one country's rule over many other lands
Lassez Faire
government has a hands off approach to business based on a belief that business can perform best without government regulation
Economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit.
Idea that people should judge ideas, institutions, and actions on the basis of their usefulness (utility)
Economic system in which the factors of production are owned by the public and operate for the welfare of all
Karl Marx
introduced a radical type of socialism known as Marxism - society is divided into "haves" and "have nots"
Adam Smith
Professor and Economist that believed that economic liberty guranteed economic progress and government becoming involved would slow down economic progress
Refusing to work - most successful tool employed by unions
Used collective bargaining to negotiate between workers and employers - strength in numbers
Form of complete socialism in which the means of production would be owned by the people, private property would cease to exist, and all goods and services would be shared equally.