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the amount of good and services available to buy compared with the amount that people want to buy
What is supply and demand?
an organization formed by workers to win and protect workers' rights
What is a union?
Businesses that hired children because they could be paid less than adults, they were easy to replace, and they did dangerous work that adults refused to do.
What are factories?
What is capital?
a group of protestors that destroyed factories and machines
Who are the Luddites?
a person who puts money into a business with the goal of later making a profit
What is an investor?
a philosophy that calls for very little or no government involvement in the economy
What is laissez-faire?
The group from which most factory workers come from
What are peasants?
a system in which a country can grow rich by controlling trade
What is mercantilism?
The man that tried to establish a perfect community
Who is Robert Owen?
a system of representative government that uses elements of capitalism and socialism to govern the economy
What is social democracy?
to control or place limits on
What is regulate?
The movement in which small fields were combined to make larger farms
What is the enclosure movement?
the economic thinker that supported supply and demand, division of labor, and free markets
Who is Adam Smith?
a protest in which workers agree to stop working
What is a strike?
an economic system based on competition between private businesses, where the government does not control prices
What is free market?
the upper or wealthy middle class; the people who owned the means of production, or what Karl Marx called “the haves”
What is the bourgeoisie?
What is coal?
What is, it increase?
the book written by Karl Marx and Friedrich Engels
What is the Communist Manifesto?
an economic system in which resources and businesses are privately owned and prices are not controlled by the government
What is capitalism?
an economic system in which major industries are owned or regulated by the government, rather than by private businesses
What is socialism?
The man that perfected the steam engine
Who is James Watt?
The man that passed laws to help working people
Who is Benjamin Disraeli?
What two socialist ideas have been adopted by American capitalist society?
Welfare and Social Security