I NDUSTRIAL R EVOLUTION Ch.9/25

1. A GRICULTURAL R EVOLUTION ● changes that led to great increases in the amount of food farmers produced

2. T ENANT F ARMERS ● farmers who work land rented from someone else

3. I NDUSTRIAL R EVOLUTION ● great increase in machine production that began in England in the 18 th century

4. INDUSTRIALIZATION ● process of developing machine production of goods

5. F ACTORS OF PRODUCTION ● conditions needed to produce goods and services

6. R AW MATERIALS ● materials used in factories to create goods

7. TEXTILE ● related to cloth or clothing

8. M IDDLE CLASS ● a social class of skilled workers, professionals, business people, and wealthy farmers

9. ENTREPRENEUR ● person who organizes, manages, and takes on the financial risk of a business enterprise

10. URBANIZATION ● city building and the movement of people to cities

11. STOCK ● right of ownership in a company called a corporation

12. CORPORATION ● business owned by stockholders who share in its profits but are not responsible for its debts

13. L AISSEZ FAIRE ● economic theory that argues that governments should not interfere with business affairs

14. A DAM S MITH ● philosopher who defended laissez faire economics

15. CAPITALISM ● economic system in which people invest money to make a profit

16. SOCIALISM ● belief that businesses should be owned by society as whole

17. K ARL M ARX ● economic thinker who wrote about a radical form of socialism

18. COMMUNISM ● form of socialism in which all production is owned by the people

19. UNION ● organized groups of workers that bargain with business owners to get better pay and working conditions

20. IMPERIALISM ● actions or policies by which one country controls another