Term
Agricultural Revolution
The Agricultural Revolution was a time in which agricultural techniques and equipment were used to increase yields during times of harvest. |
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Definition
a significant change in agriculture that occurs when there are discoveries, inventions, or new technologies that change production
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Term
Bourgeoisie
The bourgeoise is the name given to the middle class citizens. |
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Definition
the people in a society who are rich, educated, own land etc, according to Marxism.
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Term
Capital
Wealth in the form of currency for a purpose such as investing. |
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Definition
money or property, especially when it is used to start a business or to produce more wealth
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Term
Capitalism
Trade and industry are owned by private owners for the purpose of making profit. |
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Definition
an economic and political system in which businesses belong mostly to private owners, not to the government
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Term
Communism
All property is publicly owned and people are paid based off their needs. |
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Definition
a political system in which the government
controls the production of all food and
goods, and there is no privately owned
property.
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Term
Crop rotation
A farmer keeps the soil nutrient-rich by planting different crops in it every so often, so the crops have greater yields. |
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Definition
the practice of changing the crops that you grow in a field each year to preserve the good qualities in the soil
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Term
Economy
An economy involves the trade, consumption, distribution, and production of wealth. |
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Definition
the system by which a country's money and goods are produced and used, or a country considered in this way
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Term
Factors of Production
The F.o.P. can be divided into FOUR, not THREE categories: land, labor, capital, and entrepreneurship. |
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Definition
a collection of various resources which contribute to producing goods or services, which fall into three main groups - land, labor, and capital
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Term
Laissez Faire
The lack of government interference in the economy. |
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Definition
the principle that the government should allow the economy or private businesses to develop without any state control or influence
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Term
Industralize
To develop a system of industries. |
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Definition
when a country or place develops a lot of industry
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Term
Industrial Revolution
A period that brought economic, social, agricultural, and technological change to the US and Europe. |
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Definition
the period in the 18th and 19th centuries in
Europe and the USA when machines were
invented and the first factories were established
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Term
Natural Resource
Any useful object that is not man made. |
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Definition
things that exist in nature and can be used by people, for example oil, trees etc
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Term
Proletariat
The lowest class citizens were called Proletariats. |
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Definition
the class of workers who own no property and
work for wages, especially in factories, building
things etc - used in socialist writings
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Term
Socialism
Distribution, production and trade should be regulated by the community. |
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Definition
an economic and political system in which large industries are owned by the government, and taxes are used to take some wealth away from richer citizens and give it to poorer citizens
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Term
Subsistence
Having just enough resources to live. |
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Definition
the condition of only just having enough money or food to stay alive
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Term
Textile
Textile is a type of material used for clothing items. |
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Definition
any type of woven cloth that is made in large quantities, used especially by people in the business of making clothes etc
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