Terms : Hide Images
| 324984637 | market capitalism | -resources are privately owned -goods are produced according to the profit motive -allocation of goods and services is determined by prices and markets | 0 | |
| 324984638 | industrialism | An economic and social system based on the development of large-scale industries and marked by the production of large quantities of inexpensive manufactured goods and the concentration of employment in urban factories. Industrial production; factory production and capitalism, socialist production. | 1 | |
| 324984639 | 2nd agricultural revolution | dramatic improvements in crop and livestock yields; innovations such as machinery; new inputs to agricultural production, such as the application of fertilizers and field drainage; enclosure of common lands; industrial revolution-new urban markets | 2 | |
| 324984640 | property rights | The bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource. | 3 | |
| 324984641 | wage labor | a system of payment whereby workers are compensated on the bases of a wage not tied to the quality of the raw materials, accidents, or other exigencies in the production process | 4 | |
| 324984642 | commodification of labor | people becoming objects or tools for production // mass production of like products // competing markets will continue to compete and increase production while decreasing pay to the point where people are only making enough to survive (*Marx) | 5 | |
| 324984643 | competitive market | a market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold | 6 | |
| 324984644 | investment | Money put at risk with the expectation that income, or profit from that risk will be greater than the initial ______ | 7 | |
| 324984645 | demand | the quantity of a good or service that consumers are willing and able to buy | 8 | |
| 324984646 | factory system | system bringing manufacturing steps together in one place to increase efficiency | 9 | |
| 324984647 | Adam Smith | established liberal economics ("Wealth of Nations" 1776); argued that government should avoid regulation of economy in favor of the operation of market forces | 10 | |
| 324984648 | Luddites | Workers in Britain (1810-1820) who responded to replacement of human labor by machines during the Industrial Revolution by attempting to destroy the machines; | 11 | |
| 324984649 | social question | Issues relating to workers and women in western Europe during the Industrial Revolution; became more critical than constitutional issues after 1870. | 12 | |
| 324984650 | fashionable consumption | buying goods that you don't need but want because elite people have bought the same good | 13 | |
| 324984651 | Karl Marx | german socialist of the mid-19th century;blasted earlier socialist movements as utopian; saw history as defined by class struggle between groups out of power and those controlling the means of production; preached necessity of social revolution to create proletarian dictatorship | 14 | |
| 324984652 | five stages of history | 1. primitive communism, shared property and no real leader 2. Slave Society, beginning of class society where private property appears. 3. Feudalism, slavery fails, many classes are distinguished, merchant class arrises and gives way to proto-capitalism. 4. Capitalism, brought on by merchants, majority of people start working for wages, laws are made to protect the wealth and the wealthy. 5. Socialism, the working class overthrows the capitalist and by sharing everything it raises everyones quality of life | 15 | |
| 324984653 | proletariat | class of working people without access to producing property; typically manufacturing workers, paid laborers in agricultural economy, or urban poor; in Europe product of economic changes in 16th and 17th centuries | 16 | |
| 324984654 | bourgeoisie | In early modern Europe, the class of well-off town dwellers whose wealth came from manufacturing, finance, commerce, and allied professions. | 17 | |
| 324984655 | socialism | a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. | 18 | |
| 324984656 | communism | a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. | 19 | |
| 324984657 | feminist movements | sought various legal and economic gains for women, including equal access to professions and higher education; came to concentrate on right to vote; won support particularly from middle-class women; active in western Europe at the end of the 19th century; revived in light of other issues in the 1960s | 20 | |
| 324984658 | mass leisure culture | An aspect of the later Industrial Revolution; based on newspapers, music halls, popular theater, vacation trips, and team sports | 21 | |
| 324984659 | Charles Darwin | Biologist who developed theory of evolution of species (1859); argued that all living species evolved into their present form through the ability to adapt in a struggle for survival | 22 | |
| 324984660 | Albert Einstein | Developed mathematical theories to explain the behavior of planetary motion and the movement of electrical particles; after 1900 issued theory of relativity | 23 | |
| 324984661 | romanticism | Artistic and literary movement of the 19th century in Europe; held that emotion and impression, not reason, were the keys to the mysteries of human experience and nature; sought to portray passions, not calm reflection | 24 | |
| 324984662 | Triple Alliance | Alliance among Germany, Austria-Hungary, and Italy at the end of the 19th century; part of European alliance system and balance of power prior to World War I | 25 | |
| 324984663 | Triple Entente | Alliance among Britain, Russia, and France at the outset of the 20th century; part of the European alliance system and balance of power prior to World War I | 26 |
