Industrial Revolution Vocab

Wrote The Wealth of Nations

• Adam Smith

• Karl Marx

• John Smith

• John Marx

economic system based on private ownership and on the investment of money in business ventures in order to make a profit

• capitalism

• communism

• corporation

• crop rotation

economic system in which all means of production are owned by the people and all goods and services are shared equally

• communism

• corporation

• capitalism

• coloring

a business owned by stockholders who share in its profits but are not personally responsible for its debts

• corporation

• communism

• capitalism

• crop rotation

the system of growing a different crop in a field each year to preserve the fertility of the land

• crop rotation

• corporation

• capitalism

• communism

one of the fenced-in fields created by wealthy British landowners

• enclosure

• entrepreneur

• industrialization

• capitalism

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

• entrepreneur

• enclosure

• socialism

• union

resources that are needed to produce goods and services

• factors of production

• factory

• industrialization

• crop rotation

large building in which machinery is used to manufacture goods

• factory

• factors of production

• industrialization

• middle class

the shift from making goods by hand to making them by machine

• Industrial Revolution

• factors of production

• Industrialization

• Middle Class