| A | B |
|---|
| Enclosure Movement | The process of consolidating small landholdings into a smaller number of larger farms in England during the 18th century. |
| Cottage Industry | Small-scale industry that can be carried on at home by family members using their own equipment. |
| Textile | Artifact made by weaving or felting or knitting or crocheting natural or synthetic fibers. |
| Tenement | A rundown apartment house barley meeting minimal standards. |
| Tradition Economy | Economic system that relies on habit, custom, ritual to decide questions of production and consumption of goods and services. |
| Specialization | The special line of work you have adopted as your career. |
| Trade Union | An organization of employees formed to bargain with the employer. |
| Entrepreneur | Someone who organizes a business venture and assumes the risk for it. |
| Standard of Living | A level of material comfort in terms of goods and services available to someone. |
| Strike | To refuse to work in order to force and employer to meet certain demands. |
| Factors of Production | Resources of land, labor, capital, and entrepreneurship used to produce goods and services. |
| Socialism | An economic system in which the factors of production are owned by the public and operate for the welfare of all. |
| Communism | An economic system in which all the means of production - land, mines, factories, railroads, and business - are owned by the people; private property does not exist and all goods are shared equally. |
| rural | in or relating to the country or country side |
| urban | in or relating to the city or town |
