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21 Cards in this Set
- Front
- Back
the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
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Industrial Revolution
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one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formally worked by village farmers
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enclosure
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the system of growing a different crop in a field each year to preserve the fertility of the land
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crop rotation
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the development of industries for the machine production of goods
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Industrialization
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the resources-including land, labor and capital-that are needed to produce goods and services
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factors of production
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a large builing in which machinery is used to manufacture goods
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factory
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a person who organizes, manages, and takes on the risks of a business
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entrepreneur
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the growth of cities and the migration of people into them
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urbanization
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a social class made up of skilled workers, professionals, business people, and wealthy farmers
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middle class
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rights of ownership sold by entrepreneurs to raise money for corporations
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stock
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business owned by stockholders who share in its profits, but are not personally responsible for its debts
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corporation
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the idea that the government should not interfere with or regulate industries and businesses
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laissez faire
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author of The Wealth of Nations that defended the idea of a free economy; he said that economic liberty guaranteed economic progress, and claimed that government need not interfere in the economy
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adam smith
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an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
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capitalism
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the theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people
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utilitarianism
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an economic system in which the factors of prodution are owned by the public and operate for the welfare of all
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socialism
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author of the Communist Manifesto with Friedrich Engels; he beleived the capitalist system, which produced the Industrial Revolution would eventually destroy itself; he theorized that factories would drive small artisans out of business, leaving a small number of manufacturers to control all of the wealth; the large proletariat(workers) would revolt, seize the factories and mills from the capitalists, and produce what society needed; the workers would control the government in a "dictatorship of the proletariat" causing the state to wither away as a classless society developed
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Karl Marx
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an economic system in which all means of production-lands, mines, factories, railroads, and businesses-are owned by the people, private property does not exist, and all goods and services are shared equally
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communism
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an association of workers, formed to bargin for better working conditions and higher wages
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union
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negotiations between workers and their employers
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collective bargaining
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to refuse to work in order to force an employer to meet certain demands
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strike
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