World History Chapter 25 Key Terms

You know this one

Large Fields

Moving crops to return nutrients to the soil

The process of developing machine production of goods.

Land, labor, capital

Machines in large buildings that produced goods.

A person who starts up and takes on the risk of a business

City building and population shifts to cities

A social class made up of skilled workers, professionals, business people, and wealthy farmers

A share of ownership in a corporation.

A business owned by stockholders who share in its profits but are not personally responsible for its debts

Idea that government should play as small a role as possible in economic affairs

(1723-1790) Scottish philosophe who formulated laws that governed the economy to benefit human society

An economic system based on private ownership of capital

A theory associated with Jeremy Bentham that is based upon the principle of "the greatest happiness for the greatest number." Bentham argued that this principle should be applied to each nation's government, economy, and judicial system.

An economic system in which the factors of production are owned by the public and operate for the welfare of all.

1818-1883. 19th century philosopher, political economist, sociologist, humanist, political theorist, and revolutionary. Often recognized as the father of communism. Analysis of history led to his belief that communism would replace capitalism as it replaced feudalism. Believed in a classless society.

An association of workers, formed to bargain for better working conditions and higher wages.

Nonviolent refusal to continue to work until a problem is resolved.