The Industrial Revolution - Chapter 25 Flashcards Preview

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Flashcards in The Industrial Revolution - Chapter 25 Deck (20)
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1

Person who organizes, manages, and takes on the financial risk of a business enterprise

entrepreneur

2

City building and the movement of people to cities

urbanization

3

Large closed-in field for farming

enclosure

4

Belief that an idea is only as good as it is useful

utilitarianism

5

Conditions needed to produce goods and services

factors of production

6

Economic thinker who wrote about a radical form of socialism

Karl Marx

7

Process of developing machine production of goods

industrialization

8

Building where goods are made

factory

9

Economic theory that argues that governments should not interfere with business affairs

laissez faire

10

Organized groups of workers that bargain with business owners to get better pay and working conditions

union

11

Organized refusal to work

strike

12

Business owned by stockholders who share in its profits but are not responsible for its debts

corporation

13

Philosopher who defended laissez faire economics

Adam Smith

14

Form of socialism in which all production is owned by the people

communism

15

Belief that businesses should be owned by society as a whole

socialism

16

Economic system in which people invest money to make a profit

capitalism

17

A social class of skilled workers, professionals, business people, and wealthy farmers

middle class

18

Great increase in machine production that began in England in the 18th century

Industrial Revolution

19

Right of ownership in a company called a corporation

stock

20

Planting a different crop in a different field each year

crop rotation