| A | B |
|---|
| Industrial Revolution | The shift beginning in Enlgand during the 18th Century, from making goods by hand to making them by machine |
| Enclosure | One of the fenced-in hedged-in fields created by wealthy British landowners on lnad that was formely worked by village farmers |
| Crop Rotation | The system of growing a different crop in a field each year to perserve the fertility of the land |
| Industrialization | The development of industries for the machine production of goods |
| Factors of Production | The Resources-including land labor, and capital-that are needed to produce goods and services |
| Factory | A large building in which machinery is used to manufacture goods |
| Entrepeneur | A person who organizes, manages, and takes on the risks of buisness |
| Urbanization | The growth of cities and the migration of people to them |
| Middle Class | A social class made up of skilled workers, porfessionals, buisnesses people, and wealthy farmers |
| Stock | To raise money, entrepreneurs sold shares, or certain rigths of ownership of the company. |
| Corporation | A buisness owned by stock holders who share in its profits by are not personally responsible for its debts |
| Laissez Faire | The idea that goverment should not interfere with or regulate industries and businesses |
| Adam Smith | A professor at eh University of Glasgow, Scotland, defended the idea of a free economy or fee markets, in his book The Wealth of a Nation |
| Utilitarianism | 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 |
| Socialism | An economic system in which the factors of production are owned by the public and operated for the welfare of all |
| Karl Marx | German jounalist who introduced a radical type of socialims called Marxism |
| Communism | An economic system in which all means of production-land, mines, factories, railroads, adn buisnesses, 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 |
