Modern World History-Chapter 9 – Flashcards
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Adam Smith
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a professor at the University of Glasgow, Scotland, defended the idea of a free economy, or free markets
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Capitalism
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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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Communism
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a form of complete socialism in which the means of production—all land, mines, factories, railroads, and businesses—would be owned by the people
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Corporation
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a business owned by stockholders who share in its profits but are not personally responsible for its debts
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Crop rotation
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a farmer might plant a field seed, which exhausted soil nutrients. The next year they plant another crop to restore nutrients
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Enclosure
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large land fields enclosed by fences or hedges
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Entrepreneur
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a person who organizes, manages, and takes on the risks of a business
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Factors of production
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- the resources needed to produce goods and services that the Industrial Revolution required
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Industrial Revolution
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the greatly increased output of machine-made goods that began in England in the middle 1700s
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Industrialization
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the process of developing machine production of goods, required such resources
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Karl Marx
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a German journalist that argued that human societies have always been divided into warring classes
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Laissez faire
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the economic policy of letting owners of industry and business set working conditions without interference
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Middle class
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a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers
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Moses Brown
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opened the first factory in the United States to house Slater's machines in Pawtucket, Rhode Island
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Socialism
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the factors of production are owned by the public and operate for the welfare of all
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Stock
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certain rights of ownership
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Strike
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refusing to work
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Union
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workers joined together in voluntary labor associations to press for reforms
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Urbanization
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city building and the movement of people to cities
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Utilitarianism
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theory, people should judge ideas, institutions, and actions on the basis of their utility, or usefulness
