| A | B |
|---|
| Communism | EVERYTHING is owned by government. All people are equal |
| Socialism | Government controls production |
| Capitalism | Making money (profit) any way . |
| Adam Smith | Wrote the Wealth of Nations- believes in Lazairre Faire |
| Laissez Faire | Government out of business! Hands off |
| Labor Union | Workers united to protect rights of workers |
| Factory | Place where goods are made under one roof |
| Industrialization | Goods made by machines |
| Factors of Production | Capital (money) natural resources, labor |
| Natural Resources | Things that occer naturally. Water, trees |
| textiles | clothing business |
| Industrial Revolution began | in Great Britain |
| Profit | Money made in business |
| James Watt | invented the steam engine |
| Interchangebale Parts | All parts are the same, so fixing something was possible |
| Division of Labor | Everyone does the same job over and over |
| Flying Shuttle | First Invention of the textile industry |
