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Related Flashcards
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Cards In This Set
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Industrial Revolution
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The era where power driven machinery was developed.
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Enclosure movement
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The new landowners combined the small fields to create large farms and fenced them in.
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Factors of production
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The essential elements that a nation needs to achieve economic success - land, capital, and labor.
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Cottage industry
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A craft occupation performed in the home.
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Industrialization
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The process of changing to power driven machinery.
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Factory
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A building that housed industrial machines.
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Labor unions
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Organizations representing workers interest.
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Strikes
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Work stoppages to get what the laborers want.
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Mass production
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A system of manufacturing a large number of identical goods.
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Interchangeable parts
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Identical machine parts which made production and repair of factory - made goods more efficient.
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Assembly line
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The product moves from worker to worker, as each one performs a step in the manufacturing process.
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Laissez -faire
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Government not interfering in business or a french phrase meaning "free to do".
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Entrepreneur
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Someone who starts their own business up.
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Socialism
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Government instead of individuals should own property and control industry, but in the best interests of the people.
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Communism
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Government owns almost all means of production and controls economic planning.
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