Industrial revolution chapter 21

enclosures

larger fields where landowners experimented with more productive seeding and harvesting methods to boost crop yields.

crop rotation

a technique of alternating different types of crops in the same field over time

industrialization

the process of developing machine production of goods

factors of production

the resources needed to produce goods and services that the Industrial Revolution required

factories

Wealthy textile merchants set up machines in large buildings called ______

entrepreneur

a person who organizes, manages, and takes on the risks of a business

Henry Bessemer

a British engineer who invented a cheap way to mass-produce steel.

urbanization

city building and the migration of people to cities.

middle class

a social class made up of skilled workers, professionals, business people, and wealthy farmers.

mass production

the system of manufacturing large numbers of identical items.

Interchangeable parts

identical machine-made parts

assembly line

an innovation that changed the way people worked in factories, the product moves from worker to worker, as each person performs a step in the manufacturing process.

division of labor

Having different workers do different tasks

specialization

an economic concept that refers to separating tasks.

economic interdependence

A society in which people rely on one another for the resources, goods, and services they need.

stock

certain rights of ownership

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.

Adam Smith

a professor at the University of Glasgow, Scotland, defended the idea of a free economy, or free markets, in his 1776 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

an ethical theory that judges actions based on their consequences, aiming to maximize overall happiness and well-being for the greatest number of people

socialism

the factors of production are owned by the public and operate for the welfare of all.

Karl Marx

a German philosopher, political theorist, economist, journalist, and revolutionary socialist

Marxism

a theory developed by Karl Marx that examines how societies are shaped by economic factors, particularly the relationship between different social classes

communism

a form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people.

Anarchism

argued that government actually hurt people and should be done away with entirely.

unions

workers joined together in voluntary labor associations

strike

refuse to work