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Agricultural Revolution
A period of time during the early 1700s where the quality and quantity of farm products greatly increased
Industrial Revolution
A period in the beginning of the 1700s in which production shifted from simple hand tools to complex machinery and sources of energy shifted from human or animal to steam and electricity
Laissez Faire
policy allowing business to operate with little or no government interference
Communism
form of socialism advocated by Karl Marx, classless society in which all wealth and property are owned by the community as a whole
Union
an organization of workers who use their strength to have a greater voice
Collective Bargaining
negotiations between workers and employers regarding working conditions and salary
factors of production
natural resources, labor, capital, entrepreneurship
Urbanization
Movement of people from rural areas to cities
Tenements
Multistory buildings with small apartments, families share one room
Socialism
the people as a whole rather than private individuals would own and operate the means of production