| A | B |
|---|
| Division of Labor | each worker performs a specialized duty for more efficient production |
| Adam Smith | Advocate of Capitalism and author of Wealth of Nations |
| Labor Unions | associations of workers who join together to strengthen their positions on wages, working conditions,etc |
| Proletariat | The wage-earning worker in Marx's class struggle |
| Bourgeoisie | The owner of the means of production |
| Means of Production | Railroads, Mines, Factories |
| Factors of Production | Resources needed to produce goods (Land, Labor, Capital) |
| Laissez faire | the idea that government should not interfere or regulate business |
| Urbanization | rapid growth of cities |
| Factory system | Using machines to produce goods in one central location |
| Socialism | Vesting ownership and control of the means of production in the community (government) |
| Entrepreneur | The person who organizes, manages, and takes on the risks of a business |
| Karl Marx | Wrote "Communist Manifesto" in 1848 |
| Capitalism | economic system in which money is invested in business ventures with the goal of making a profit |
| Communism | A Economic System and Political system in which all means of production and economic questions are vested in the government |
