| A | B |
|---|
| Industrial Revolution | term for changes beginning in the 1700s, when power-driven machines began to do much of the work that people had to done before |
| enclosure movement | practice of fencing or enclosing common lands into individual holdings |
| crop rotation | the practice of alternating crops of different kinds to preserve soil fertility |
| factors of production | basic resources necessary for industrialization, such as land, capital, and labor |
| mechanization | use of automatic machinery to increase production |
| domestic system | method of production in which work is done in homes rather than in a shop or factory |
| factory system | production of goods in a factory through the use of machines and a large number of workers |
| Bessemer process | method of making steel that involves the forcing of air through molten iron to burn off carbon and other impurities |
| capitalism | economic system in which private individuals rather than the government control the factors of production |
| commercial capitalism | early phase of capitalism involving merchants who brought, sold, and exchanged goods |
| industrial capitalism | type of capitalism occurring during the Industrial Revolution when capitalists were involved in producing and manufacturing goods themselves, often using mechanized and industrial methods of production |
| division of labor | characteristic if civilizations in which different people performed different jobs |
| interchangeable parts | parts that can go equally well in other components |
| mass production | system of manufacturing large numbers of identical items |
| sole proprietorship | business owned and controlled by one person |
| partnership | business owned and controlled by two or more people |
| corporation | business organization in which individuals buy shares of stock, elect directors to decide policies and hire managers ,and receive dividends according to the number if shares they own |
| monopoly | complete control of the production or sale of a good or service by a single firm |
| cartels | combinations of corporations that control an entire industry |
| business cycle | pattern consisting of alternating periods of prosperity and decline |
| depression | lowest point of a business cycle |
| free enterprise | practice based on the belief that government should not interfere with international trade |
| laissez-faire | belief that government should not interfere with the operations of business |
| utilitarianism | demand in which one party threatens harmful action to another party if the other party rejects its proposals |
| strike | bargaining method involving the refusal of workers to work until their demands have been met |
| unions | associations of workers that plan actions and coordinate demands for the workers |
| collective bargaining | process of negotiation between union members and management |
| bourgeoisie | city-dwelling middle class, made up of merchants, manufacturers, and professional people such as doctors and lawyers |
| proletariat | name given by Marx to the working class |
| authoritarian socialism | economic and political system in which government owns almost all means of the production and controls economic planning |
| communism | economic and political system in which the government owns almost all the means of production and controls economic planning |
| democratic socialism | political system in which government takes over the means of production peacefully |
