Chapter 21

2. British engineer who invented the Bessemer Process, a cheap way to mass-produce steel
5. the resources—including land, labor, and capital—that are needed to produce goods and services
7. in a factory, an arrangement in which a product is moved from worker to worker, with each person performing a single task in its manufacture
9. a business owned by stockholders who share in its profits but are not personally responsible for its debts
11. a person who organizes, manages, and takes on the risks of a business
13. the system of manufacturing large numbers of identical items
14. an economic system based on private ownership and on the investment of money in business ventures in order to make a profit
16. the shift, beginning in England during the 18th century, from making goods by hand to making them by machine
17. the idea that government should not interfere with or regulate industries and businesses
19. an economic concept that refers to separating tasks in which people in a factory or company work at one kind of job and learn to do it well
20. Scottish economist; he became the leading advocate of laissez faire economics and is considered by some to be the “father of modern economics.”

1. a situation where people rely on others to provide the goods and services they need
3. certain rights of ownership of a corporation
4. the development of industries for the machine production of goods
6. when one worker specializes in doing one task
8. identical machine-made parts, the use of which made factory work more efficient
9. the system of growing a different crop in a field each year to preserve the fertility of the land
10. the growth of cities and the migration of people into them
12. one of the fenced-in or hedged-in fields created by wealthy British landowners on land that was formerly worked by village farmers
15. a social class made up of skilled workers, professionals, businesspeople, and wealthy farmers.
18. a large building in which machinery is used to manufacture goods