Industrial Revolution
the shift, beginning in England during the 18th century, from making goods by hand tomaking them by machine
enclosure
one of the fenced-in or hedged-in fields creat-ed by wealthy British landowners on land that wasformerly worked by village farmers
crop rotation
the system of growing a different cropin a field each year to preserve 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 tomanufacture goods
entrepreneur
a person whoorganizes, manages, and takes on the risks of a business
urbanization
the growth of cities and the migration of people into them
middle class
a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
stock
certain rights of ownership
corporation
a business owned by stockholders whoshare in its profits but are not personally responsible for its debts
laissez faire
the idea that governmentshould not interfere with or regulate industries and businesses
Adam Smith
professor the defended a free economy
capitalism
an economic system based on private owner-ship and on the investment of money in business venturesin order to make a profit
utiliarianism
thetheory, proposed by Jeremy Bentham in the late 1700s,that government actions are useful only if they promotethe greatest good for the greatest number of people
socialism
an economic system in which the factors of production are owned by the public and operate for thewelfare of all
Karl Marx
German journalist
communism
an economic system in which all means of production�land, mines, factories, railroads, and busi-nesses�are owned by the people, private property doesnot 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 tomeet certain demands