Industrial Revolution/Meiji Revolution

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Industrial Revolution

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Period when handmade goods began to be replaced by machine made goods in factories.

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Agrarian Revolution

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Great change in the method and process of farming.

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Enclosure Movement

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Using fencing to remove small strip farms of peasants and to create larger fields for greater production.

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Factory System

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Period when handmade goods began to be replaced by machine made goods in factories.

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Laissez-faire

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“Hands Off” government policy toward economics. No government intervention or regulation.

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Capital

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The resources required to start a business, including money, machines, and buildings.

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Adam Smith

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Known as the father of Capitalism and also the author of “The Wealth of Nations.”

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Capitalism

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Economic system based on private ownership of business. Production is driven by profit motive/supply/demand.

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Mass Production

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Creating large quantities to sell at a much lower cost.

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Urbanization

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The process of people migrating to cities from rural settings and the building of factories.