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enclosures
The process of consolidating small landholdings into larger farms, often associated with the agricultural revolution in England. This led to increased agricultural productivity but displaced many peasant farmers.
crop rotation
A farming practice that involves alternating the types of crops grown on a particular piece of land to improve soil health and reduce pest and disease cycles.
factory
Where machines are kept. Must be located near a water source to produce energy, unless there is a power plant.
factors of production
The resources used to produce goods and services, typically categorized into land, labor, and capital.
industrialization
The process of developing industries in a country or region, characterized by the transition from agrarian economies to manufacturing and production-based economies, often accompanied by technological advancements.
Industrial Revolution
A period of rapid industrial growth and technological innovation that began in the late 18th century, transforming economies from agrarian to industrial and significantly impacting social and economic structures.
entrepreneur
An individual who starts and runs a business, taking on financial risks in the hope of profit. Entrepreneurs drive innovation and economic growth by creating new products and services.
urbanization
The process of increasing population density in urban areas as people migrate from rural regions, often driven by the search for jobs and better living conditions, leading to the growth of cities. This happened when richer farmers would buy out the poorer farmers, forcing them to move to the cities for more job opportunities.
middle class
A social class that emerged during the Industrial Revolution, characterized by a rise in economic prosperity and the growth of professions such as business owners, merchants, and skilled workers, distinct from the working class and upper class.
stock
Certain rights of ownership.
corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts.
Karl
Karl Marx
A philosopher and economist known for his theories on capitalism and socialism, particularly the concept of class struggle and the critique of political economy.
Adam Smith
A Scottish economist and philosopher, best known for his work "The Wealth of Nations," which laid the foundations for classical economics and introduced concepts like the free market and the invisible hand. He believed that government should never interfere with the markets because they can take care of themselves.
laissez-faire
The idea that government should not intervene in a market. A French term meaning “let them do as they please.”
union
An organization formed by workers to protect their rights and interests, often through collective bargaining for better wages and working conditions.
capitalism
An economic system that wanted to increase production and maximize their profits.
socialism
Where the factors of production are owned by the public and operate for the welfare of all.
communism
A form of complete socialism in which the means of production— all lands, mines, factories, railroads, and businesses— would be owned by the people.
strike
To refuse to work.
