Industrial Revolution Vocabulary

Industrial Revolution

• An economic system in which all means of production - land, mines, factories, railroads, and businesses - are owned by the people, private property does not exist, and all goods and services are shared equally.
• A person who organizes, manages, and takes on the risks of a business.
• The system of growing a different crop in a field each year to preserve the fertility of the land
• The shift, beginning in England during the 18th century, from making goods by hand to making them by machine

Enclosures

• One of the fenced in or hedged in fields created by wealthy British landowners on land that was formerly worked by village farmers
• A social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.
• The system of growing a different crop in a field each year to preserve the fertility of the land
• An economic system in which the factors of production are owned by the public and operate for the welfare of all.

Crop Rotation

• The growth of cities and the migration of people into them.
• The system of growing a different crop in a field each year to preserve the fertility of the land
• An economic system in which all means of production - land, mines, factories, railroads, and businesses - are owned by the people, private property does not exist, and all goods and services are shared equally.
• The shift, beginning in England during the 18th century, from making goods by hand to making them by machine

Industrialization

• The resources - including land, labor, and capital - that are needed to produce goods and services.
• A social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.
• One of the fenced in or hedged in fields created by wealthy British landowners on land that was formerly worked by village farmers
• The development of industries for the machine production of goods

Factors of Production

• An economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
• The development of industries for the machine production of goods
• The idea that government should not interfere with or regulate industries and business
• The resources - including land, labor, and capital - that are needed to produce goods and services.

Factories

• The resources - including land, labor, and capital - that are needed to produce goods and services.
• The system of growing a different crop in a field each year to preserve the fertility of the land
• Large buildings in which machinery is used to manufacture goods.
• The shift, beginning in England during the 18th century, from making goods by hand to making them by machine

Entrepreneur

• The development of industries for the machine production of goods
• A person who organizes, manages, and takes on the risks of a business.
• The shift, beginning in England during the 18th century, from making goods by hand to making them by machine
• The resources - including land, labor, and capital - that are needed to produce goods and services.

Urbanization

• A person who organizes, manages, and takes on the risks of a business.
• An economic system based on private ownership and on the investment of money in business ventures in order to make a profit.
• The growth of cities and the migration of people into them.
• An economic system in which all means of production - land, mines, factories, railroads, and businesses - are owned by the people, private property does not exist, and all goods and services are shared equally.

Middle Class

• A German journalist and philosopher who introduced the world to a radical type of socialism called Marxism.
• The idea that government should not interfere with or regulate industries and business
• An economic system in which the factors of production are owned by the public and operate for the welfare of all.
• A social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.

Stock

• British economist and philosopher who defended the idea of free economy and markets. He argued that economic liberty guaranteed economic progress
• An economic system in which the factors of production are owned by the public and operate for the welfare of all.
• The development of industries for the machine production of goods
• Rights of ownership that can be sold as shares to entrepreneurs.