| 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 |
| Enclosure Movement | The buying of many smaller farms to create large mechanized farms |
| Entrepreneur | The person who organizes, manages, and takes on the risks of a business |
| Corporation | a business owned by stockholders who share in its profits |
| Capitalism | economic system in which money is invested in business ventures with the goal of making a profit |
| Crop Rotation | system of growing crops in a different field each year |
| Enclosures | fenced-in or hedged-in fields created by wealthy British land owners |
| Middle Class | social class made up of skilled workers, professionals, business people, and wealthy farmers |
| Stock | a certain right/portion of ownership in a corporation |
| Corporation | business owned by stockholders who share in its profits but are not personally responsible for its debts |
| Moses Brown | opened first factory in the United States - Pawtucket, RI |
| textile | cloth or fabric made by weaving |
| raw materials | what colonial pwers wanted from their colonies |
| factories | where goods are made by machines |
| imported | brought in from one country to another |
| labor unions | workers who join together to protect their wages |
| imperialism | conquering other lands |
| industrial revolution | making goods by machine instead of by hand |
| investors | people with money who backed new businesses |
| steam engine | completely changed transportation |
| child labor | children employed in factories for low wages |
