| A | B |
|---|
| Industrial Revolution | the shift beginning in England during the 18th century, from making goods by hand to making them by machine. |
| enclosure | 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 system of growing a different crop in afield each year to preserve the fertility of the land, |
| factors of production | the resources-including land,labor and capiol-that are needed to produce goods and services. |
| factory | large building in which machinery is used to manufacture goods. |
| entrepreneur | a person who organizes, manages, amd takes on the risks of a ussiness. |
| industrialization | the development ofindustries for the machine production of goods |
| urbanization | the growth of cities and the migration of people into them. |
| middle class | a social made up of skilled workers, professionals, business people, and wealthy farmers. |
| stock corporation | is a business owned bystockholders who share in its profits but are not personally responsible for its debts. |
| laissez faire | the idea that government should not interfere with or regulate industries and businesses. |
| Adam Smith | a professor at the University of Glasgow. |
| capitalism | an economic system based on private ownership and on the investment of money in business ventures in order to make a profit |
| utilitarianism | the theory, proposed by Jeremy Bentham in the late 1700s, that goverment actions are useful only if they promote the greatest good for the greatest number of people. |
| socialism | an economic system in which the factors of production are owned by the public and operate for welfare of all. |
| Karl Marx | German Journalist introduced the world to a radical type of socialism called Marxism |
| Communism | an economic system in which all means of production-landmines, factories, railroads, and businesses-are owned by the people, private property does not exist, and all goods and services are shared equally. |
| Union | an association of workers, formed to bargain for better working conditions and higher wages. |
| Strike | to refuse to work in order to force an employer to meet certain demands. |
