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10 terms

Unit 4 - Industrial Revolution

STUDY
PLAY
Adam Smith
developer of Laissez-faire economical philosopher; supporter of free trade & no governmental interference with the economy
Karl Marx
"Father of Communism"; believed in communism and the idea of all goods and services should be shared & distributed equally
Enclosure
large planting fields
Factors of production
resources needed to produce goods and services (land, labor and capital)
Entrepreneur
This is a person who organizes, manages, and takes on the risks of a business.
Laissez Fair
economic policy of letting owners of industry and business set working conditions without interference from the government
Urbanization
city building and the movement of people to cities
Middle class
a social class of skilled workers, professionals, business people and wealthy people
Capitalism
an economic system in which the means of production are privately owned and operated
Socialism
an economic system in which the means of production are equally shared and distributed among the people