Chp 9 Voc

  1. Enclosure
    Large fields where wealthy landowners expiremented with more productive seeding and harvesting
  2. Crop Rotation
    Best developement by scientific farmers
  3. Factors of Production
    Resources needed to produce goods and services that the Industrial Revolution required
  4. Urbanization
    Period of city building and the movement of people to cities
  5. Corporation
    A business owned by stockholders who share in its profits but are not personally responsible for its debts
  6. Laissez Faire
    Refers to the economic policy of letting owners of industry and business set working conditions without interference
  7. Capitalism
    An economic system in which the factors of production are privately owned and money is invested in business ventures to make a profit
  8. Utilitarianism
    Philosophy by Bentham in the late 1700s saying people should judge ideas, institutions, and actions on the basis of their utility or usefulness
  9. Union
    Voluntary labor associations that workers joined to press for reforms
  10. Strike
    Refuse to work
  11. Utopia
    An imaginary land described by THomas More in his book Utopia-hence, an ideal place
  12. Stock
    Certain rights of ownership
  13. Entrepreneur
    A person who organizes, manages, and takes on the risks of a business
  14. Socialism
    A system where the factors of production are owned by the public and operate for the welfare of all
Card Set
Chp 9 Voc