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Industrial Revolution Vocabulary

land enclosed by fences or hedges – this increase in landholdings enabled wealthy landowners to cultivate larger fields
Crop rotation
planting crops one year that exhaust soil nutrients (such as wheat) and the next year planting root crops that restore nutrients to the soil (such as turnips)
the process of developing machine production of goods, which required natural resources
Factors of Production
land, labor, and capital (or wealth)
a person who organizes, manages, and takes on the risks of a business
city building and movement of people to cities
Middle class
a social class made up of skilled workers, professionals, business people, and wealthy farmers
certain rights of ownership that were sold by entrepreneurs
a business owned by stockholders who share in its profits but are not personally responsible for its debts
the economic policy of letting owners of industry and business set working conditions without interference from the government
Adam Smith
a professor at the University of Glasgow, Scotland, who defended the idea of free economy, or free markets – wrote the book The Wealth of Nations
an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
people should judge ideas, institutions, and actions on the basis of their utility, or usefulness – supported the idea that the gov’t should promote the greatest good for the greatest number of people
an economic system in which the factors of production are owned by the public and operate for the welfare of all
Karl Marx
a German journalist who wrote The Communist Manifesto, and was known as the “Father of Communism”
an economic system that is a form of complete socialism in which the means of production (all land, mines, factories, railroads, and businesses) would be owned by the people
voluntary labor associations that workers joined to press for reforms in their jobs
when union members refused to work in order to bargain for better working conditions and higher pay

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