Enclosure- a structure consisting of an area that has been enclosed for some purpose
Crop rotation is the practice of growing a series of different types of crops in the same area across a sequence of growing seasons.
Cottage System (Industry) -small-scale industry that can be carried on at home by family members using their own equipment
The factory system is a method of manufacturing using machinery and division of labour.
Steam Engine - an engine that uses the expansion or rapid condensation of steam to generate power.
Industrialization is the process by which an economy is transformed from a primarily agricultural one to one based on the manufacturing of goods.
Urbanization refers to the population shift from rural to urban areas, the corresponding decrease in the proportion of people living in rural areas, and the ways in which societies adapt to this change.
A monopoly is the exclusive ownership or control of something.
Laissez Faire Economy- an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
Capitalism is an economic system featuring the private ownership of business wealth and the free and unfettered operation of trade markets.
Socialism- a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Communism- n
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Adam Smith - Scottish economist who advocated private enterprise and free trade (1723-1790)
Karl Marx- founder of modern communism; wrote the Communist Manifesto with Engels in 1848; wrote Das Kapital in 1867 (1818-1883)