| A | B |
|---|
| Industrial Revolution | a shift from making goods by hand to making them by machine |
| Enclosure | large fields surrounded by a fences or hedges |
| Crop rotation | a system of growing different crops in a field each year |
| Industrialization | the development of industries for the machine production of goods |
| Factors of production | land labor and capital that is needed to produce goods |
| Factory | a building in which machinery is used to manufacture goods |
| Entrepreneur | a person who takes the risk of a business |
| Urbanization | the growth of cities and the migration to the cities |
| Middle class | a social class make up of skilled workers |
| Stock | rights of ownership in a company |
| Corporation | a business owned by stockholders who share profits |
| Laissez-faire | the idea that the govt should not interfere with the economy |
| Capitalism | economic system based on private ownership in order to make a profit |
| Utilitarianism | the greatest good for the greatest number of people |
| Socialism | factors of production are owned by the public and operate for welfare of all |
| Communism | all means of production are owned by the people and shared equally |
| Union | group of workers formed to bargain for better working conditions and wages |
| Strike | refuse to work until employer meets demands |
