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Cards In This Set
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Industrial revolution
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The shift from making goods by hand to making them by machine
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Enclosure
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One of the fenced in or hedged in fields create by wealthy british landowners on land that was formerly worked by village farmers
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Crop rotation
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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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Industrialization
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The development of industries for the machine production of goods
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Factors of production
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The resources (land, labor, and capital) needed to produce goods and services
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Factory
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A large building in which machinery is used to manufacture goods
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Entrepenuer
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A person who organizes, manages, and takes on the risks of a business
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Urbanization
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The growth of cities and the migration of people into them
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Middle class
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A scoial class made up of skilled workers, professionals, business people, and wealthy farmers
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Stock
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Certain rights of ownership
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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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Laissez faire
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The idea that government should not interfere with or regulate industries and businesses
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Adam smith
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A profesor at the university of glasgow, scotland and defended the idea of a free economy in THE WEALTH OF NATIONS
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Capitalism
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An economic system based on private ownership and on the investment of money in business ventures in order to make a profit
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Utliarianism
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The theory that government actions are useful only if they promote the greatest good for the greatest number of people
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