logo image

Industrial Revolution Vocabulary

Enclosures
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)
Industrialization
the process of developing machine production of goods, which required natural resources
Factors of Production
land, labor, and capital (or wealth)
Entrepreneur
a person who organizes, manages, and takes on the risks of a business
Urbanization
city building and movement of people to cities
Middle class
a social class made up of skilled workers, professionals, business people, and wealthy farmers
Stock
certain rights of ownership that were sold by entrepreneurs
Corporation
a business owned by stockholders who share in its profits but are not personally responsible for its debts
Laissez-faire
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
Capitalism
an economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
Utilitarianism
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
Socialism
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”
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
Unions
voluntary labor associations that workers joined to press for reforms in their jobs
Strike
when union members refused to work in order to bargain for better working conditions and higher pay

Need essay sample on "Industrial Revolution Vocabulary"? We will write a custom essay sample specifically for you for only $ 13.90/page

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy