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| the shift, beginning in England during the 18th century, from making goods by hand to making them by machine. |
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| one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked on by village farmers. |
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| the system of growing a different crop in a field each year to preserve the fertility of the land. |
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| the development of industries for the machine production of goods. |
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| the resources—including land, labor, and capital—that are needed to produce goods and services. |
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| a large building in which machinery is used to manufacture goods. |
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| a person who organizes, manages, and takes on the risks of a business. |
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| the growth of cities and the migration of people into them. |
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| a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers. |
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| the idea that government shouldnot interfere with or regulate industries and businesses. |
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| an economic system based on private ownership and on the investment of money in busness ventures in order to make a profit |
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| the theory, proposed by Jeremy Bentham in the late 1700s, that government actions are useful only if they promote the greatest good for the greatest number of people. |
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| an economic system in which the factors of production are owned by the public and operate for the welfare of all. |
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| 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. |
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| an association of workers, formed to bargain for better working conditions and better wages. |
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| What did England have that allowed them to industrialize first? |
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| Large labor pool, natural resources, Economic strength, and Political stability |
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| What are the four factors of production needed for industrialization? |
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| Land, labor, capital, and entrepreneurship. |
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| What was most affected by technology during the Industrial Revolution? |
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| The Industrial Revolution in England began in which industry? |
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| What were the effects of railroads? |
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| The growth of cities, reaching new markets quicker, and boosting agriculture. |
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| Who argued human societies have always been divided into warring classes (haves and the have-nots)? |
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| What was one of the main reasons that caused urbanization? |
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| The growth of the factory system (Industrialization). |
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| Whose ideas about capitalism were in the book, The Wealth of Nations? |
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| Under which economic system has the government planning out the economy? |
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| What invention helped mines work more efficiently, powered ships to improve water transportation, and helped launch the railway age? |
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