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Cards In This Set
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The greatest increased output of machine-made goods that begin in England in the middle 1700s
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Industrial Revolution
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A large field allowing landowners to increased in their landholdings
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Enclosure
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A process which provided to be one of the best developments by scientific farmers
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Crop rotation
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The process of developing machine production of goods, required such resoures
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Industrialization
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The resource needed to produce goods and services that the Industrial Revolution required
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Factors of production
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Wealthy textile merchants set up the machines in large buildings
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Factories
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A person who organizes, manages, and takes the risk of a business
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Entrepeneur
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A period of city building and movement of people to cities
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Urbanization
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A social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
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Middle class
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Certain rights of ownership
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Stock
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A business owned by stockholders who share in its profits but are not personally responsible for ts debts
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Corporation
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The economical policy of letting owners of industry and business set working conditions without interference
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Laissez faire
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A professor at the University Giasgov, Scotland, defended the idea of a free economy, or free markets, in his 1776 book 'The Wealth of Nations'
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Adam Smith
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An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
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Capitalism
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The theory that people should judge ideas, institutions, and actions on the basis of their utility, or usefulness
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Utilitarianism
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