People
Author of The Wealth of Nations, known as the “Father of Modern Economics"
Adam Smith
The switch from man made goods to machine made goods
Industrialization
Location where the Industrial Revolution began
England/United Kingdom
Fenced or hedged in farmlands; movement began in England and allowed farmers to experiment with their crops
Enclosures
What are the factors of production?
Land, Labor, Capital
Socialist writer who with the help of Friedrich Engels wrote The Communist Manifesto.
Karl Marx
The period of time beginning in the 1750’s in which goods began being produced by machines in factories
The Industrial Revolution
This invention helps industrialization because products could be shipped faster and further distances.
Railroads/Railways
When and where did the Agricultural Revolution begin?
England in the 1700's
What does Laissez Faire mean?
Hands off big business, no government intervention in economics
Founder of the theory of Utilitarianism who the goal of society is to do what is for the greatest number of people in that society.
Jeremy Bentham
A person who uses their own money and ideas to start a business and in the process assumes all the risks associated with it
Entrepreneur
As a result of the Industrial Revolution cities grew, this was known as:
Urbanization
Farming technique in which only the healthiest and best livestock was used to create offspring
Selective Breeding
System of economics in which privately owned business seeking profits
Capitalism
Believed that population growth will outpace the food supply and war, disease, or famine would control population
Thomas Malthus
Workers group formed to achieve fair wages and working conditions
Union
list 3 reasons why working conditions were considered poor for lower class workers during the Industrial Revolution
-Long working hours
-Dangerous machinery
-Poor wages
-Hazardous work environments
-Child labor
Farming technique which allowed farmers to plant different crops on the their fields each year to help replenish the soil’s nutrients.
Crop Rotation
In this type of government factors of production are owned by and operated for the people and government committees decide what to make.
Socialism/Communism
Developed the concept of the “Iron Law of Wages”
David Ricardo
Company owned by stockholders who share profits not debts
Corporation
This group destroyed machinery in factories as acts of protests against industrialization.
Luddites
List three ways the agrarian/agricultural revolution affected life in Great Britain
-better diet -Increase population
-longer life span -More food available
-lower food prices -Led to Industrial Rev.
-less manual labor
Explain the law of supply and demand
As supply increases, but demand remains constant, the price goes down.
If supply is constant, but demand increases, the price goes up.