Industrial Revolution, nationalism, chronology

Malthus

Believed population grows geometrically, food production grows arithmetically, leading to population oustriping food supply

The principle of voluntary exchange

Idea that both parties in a transaction benefit because they willingly trade goods and services for mutual gain.

Karl Marx

Believed history is result of class struggle between wealthy capitalists who own the means of production of the working class (proletariat)

Proletariat

Working class who sells their labor because they don't own the means of production.

Bourgeoisie

Middle class consisting of merchants, artisans, and professionals

Socialism

Governmental ownership of means of production, distribution, exchange to promote equality

Noblesse Oblige

Idea that those with advantages in society (wealth or high social status) must act with honor and generosity

Urbanization

Process of increasing population density in cities and towns

Specialization of labor

Process of breaking down large productions into specific jobs, completed by different workers or groups

Social Darwinism

Argues that social and economic inequalities are natural and justified

Opportunity Cost

Cost of every decision and purchase (everything you gave up to make that decision, including time)

Tenement housing

Poorly constructed and overcrowded multi-family urban houses

Luddite

Textile workers who objected new machinery during the Industrial Revolution by destroying it

Collective bargaining

Negotiation between workers and managers to reach an agreement on wages, working hours, benefits

Trade union / labor union

Workers who joined together to improve their working conditions, pay, and benefits

Laissez-Faire economics

Minimal government interference in the market

Bessemer Process

Mass-production steelmaking method made by Henry Bessemer

The Enclosure Movement

Small fields combined into large farms, increasing productivity, forcing out small farmers.

Tragedy of the Commons

The depletion of a finite resource due to selfish individuals, ultimately harming the collective good.