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| when products started to be made by machines instead of by hand. Started with the textile industry (clothing) |
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| English farmers started producing more food with less workers needed. |
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| Wealthy farmers closed their lands with fences or hedges. |
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| Machine that placed seeds in rows at a specific depth so that planting was more efficient. |
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| The amount of wealth, comfort, material goods and necessities available to a person or group of people |
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| Wrote the book Wealth of Nations and is considered to be the founder of capitalism |
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| Capitalism/Market Economy/Free Market |
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| Economic System where citizens own the businesses and provide products and services for everyone. |
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| Government does not get involved in the economy. “Hands off” |
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| Means of Production are shared by citizens. Means of production are owned by government and operated for the welfare of the people. |
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| Karl Marx & Friedrich Engels |
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| Wrote the Communist Manifesto in 1848 which introduced communism/socialism |
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