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| was the transition to new manufacturing processes that occurred in the period from about 1760 to some time between 1820 and 1840 |
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| is the process which ends traditional rights |
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| proved to be one of the best developments by the scientific farmers |
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which is the process of developing machine production of
goods, required such resources |
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the resources needed to produce goods and services that the Industrial
Revolution required |
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| Wealthy textile merchants set up the machines in large buildings |
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a person
who organizes, manages, and takes on the risks of a business |
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| —city building and the movement of people to cities |
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| a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers |
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To raise the money, entrepreneurs sold shares ; certain
rights of ownership |
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is a business owned by
stockholders who share in its profits but are not personally responsible for its
debts |
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refers to the economic policy of letting
owners of industry and business set working conditions without interference |
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a professor at the University of Glasgow, Scotland, defended
the idea of a free economy, or free markets, in his 1776 book The Wealth of
Nations |
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is an economic system in which the factors of
production are privately owned and money is invested in business ventures to make
a profit |
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| In the late 1700s, Bentham introduced the philosoophy |
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, the factors of production are
owned by the public and operate for the welfare of all |
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| writings of a German journalist |
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| a form of complete socialism in which the means of production |
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To
press for reforms, workers joined together in voluntary
labor associations |
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factory owners refused these demands, union members
could ; or refuse to work |
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