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| Large landholdings crowded out the small farms |
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| Increased output of machine-made goods |
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| changed up the type of crops grown in a field to replenish it's nutrients ie the 3 field syestem |
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| process of developing machine production of goods |
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| the resources needed to produce goods during the industrial revolution |
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| Machines set up in large buildings for productions of goods |
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| a person that organizes, manages, and takes the risk ofa business |
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| a period of city buildin and the movement of people to the cities |
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| a social class made up of skilled workers,profession,business people and wealthy farmers |
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certain rights of ownership- people with stock became part owner of these businesses |
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| Letting the industry set the conditions without goverment interference |
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| economic system in which the means are privately owned, run for profit- America has this |
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| a business owned by stock holders who share in the profits but are not personally responsible for its debts |
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| Jeremy Bentham's theory that ideas, institutions should be judged on how useful they are. |
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| the means of production are owned by the public for the good of all people |
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| Wrote the Communist Manafesto- out lined a radical socialism |
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| Karl Marx idea that all land and means of production would be controled by the people- no private ownership |
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| Workers join together into voluntary labor associations |
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| When factory owners refuse the workers demands- workers refuse to work |
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| four factors that lead to England's Industrial revolution |
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- power (coal and water)
- iron ore
- rivers for transportation
- harbors for merchant ships
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| Another reason Great Britain had the Ind. Rev. |
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- fewer farmers needed
- surplus population
- new inventions
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| Negtive results of the Ind. Rev. |
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- slums
- dangerous conditions
- urban poverty
- child labor
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| Positive effects of the Ind. Rev. |
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- created jobs
- increased the wealth of the nation
- increased size and power of the middle class
- made products originally only the very wealthy could afford
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Term
| Adam Smiths Natural laws of economics |
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- law of self interest
- law of competition
- law of supply and demand
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