Unit 13: Industrial Revolution Vocabulary 1. Capitalism 2 Collective Bargaining 3. Communism 4. Industrial Revolution A. an economic system in which all means of production - land, mines, factories, railroads, and businesses - are owned by the people, private property does not exist, and all goods and services are shared equally B. The idea that government should not interfere with or regulate industries and business C. An association of workers, formed to bargain for better working conditions and higher wages D. an economic system based on private ownership and on the investment of money in business ventures in order to make a profit E. the shift, beginning in England during the 18" century, from making goods by hand to making them by machine F. Government actions are useful only if they promote the greatest good for the greatest number of people G. Negotiations between workers and their employers H. an economic system in which the factors of production are owned by the public and operate for the welfare of all 5. Laissez-faire Economics 6. Socialism 7. Union B. Utilitarianism​