An association to fix prices, set production quotas, or control markets
Interchangeable parts
Identical compenents that could be used in place of one another
Assembly line
Production method that breaks down a complex job into a series of smaller tasks
Labor unions
Workers organizations who won the right to bargain with employers for better wages, hours and working conditions
The movement of people to cities
Businesses that are owners by many investors who buy shares of stock
The process of taking over and fencing off land formerly shared by peasant farmers
Places that brought together workers and machines to produce large quantities of goods
The idea that the goal of society should be "the greatest happiness for the greatest number" of its citizens
System in which the people as a whole rather than private individuals own all property and operate all businesses
Means of production
Farms, factories, railways, and other large businesses that produce and distribute goods
Policy allowing business to operate with little or no government interference
Privately built road that charges a fee to travelers who use it
Multistory building divided into crowded apartments
Form of socialism advocated by Karl Marx; according to Marx, class struggle was inevitable and would lead to the creation of a classless society in which all wealth and property would be owned by the community as a whole
Working class
Karl Marx
German philosopher who wanted communism, condemned the ideas of utopians, and believed the working class would unite
The communist manifesto
Marx theorizing that economics was the driving force in history between the haves and have nots
Adam Smith
Main prophet of laissez fair me economics and asserted that a free market would come to help everyone and not just the rich
Predicted that population would outpace the food supply and urged families to have fewer children
David Ricardo
Also believed people had too many children and pointed out in his iron law of wages that when wages were high families had more children
Robert Owen
Poor welsh boy tuned successful mill owner who refused child labor, and thorough New Lanark, showed that an employer can offer decent living and working conditions and still run a profitable business
James watt
Scottish engineer who improved the steam engine which became a key power source during the IR
Jeremy Bentham
Preached utilitarianism and believed all laws or actions should be judged by there utility
Abraham Darby
Used coal to separate or smelt iron from its ore and removed the impurities from coal. His son and grandson continued to improve his methods