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Arts and Humanities
History of the Americas
Industrial Revolution Regents Review
19th century and industrial revolution in Great Britain.
Terms in this set (13)
The time period in England when things were transforming from agriculture based to factory based that took place in England from about 1750 to about 1850.
In this system, the people get to decide what goods to produce, who gets them, who owns the businesses, and what the workers should get paid.
A system in which society, usually in the form of the government, owns and controls the means of production.
The German founder of communism. He believed that the government should rule and that by using his system there will be no more poverty of unemployment.
The Communist Manifesto
The book written by Karl Marx and Frederich Engels that outlined how every society in the world would eventually reach communism.
Economic system that said that the government should rule and the individual will not own businesses.
The doctrine that government should not interfere in commercial affairs. Idea that government should play as small a role as possible in economic affairs
A time when new inventions such as the seed drill and the steel plow made farming easier and faster. The production of food rose dramatically and led to a rise in population and the numbers of workers available to the factories.
commodities (goods or services) bought from a foreign country
commodities (goods or services) sold to a foreign country
Free Market Economy
Capitalism, private ownership law of supply and demand
Change in farming methods in the 1600's that improved the quantity and quality farm products. Leads to increase of population due to the increase in food production.
Scottish political economist and philosopher.Wrote a book Wealth of Nations Wealth of Nations ( government should not interfere with economics. Advocates Laissez Faire
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