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Economics/Business

TermDefinition
economics A method used to make money by making and selling goods or services to consumers. (people)
economic system system we use to make and sell goods to people. Most economic systems use money to buy goods
factors of production the things needed in order to produce a good or service
Capitalism/Free Market Economy an economic system that allows supply and demand to regulate prices, wages, etc.
Socialism/Mixed Economy economic system in which there is a variety of control over the economy
Command Economy A system in which the government makes decides how to run the economic activity of a country.
goods a physical (tangible) product (ex. book, pencil, peanut butter)
services non physical purchase (ex. tutoring, restaurant service)
land soil, forests, rivers, mines, etc.
labor mental or physical work done for income (workers)
capital man made means of production (factories, etc.
entrepreneurship ideas
business cycle the idea that economy is not stable; rather, it changes from good times to bad times
boom good times in an economy
bust bad times in an economy
laissez-faire ”government hands off”; government should not have a hand in business
corporation business owned by investors who buy part of a company through shares of stock
stock share of a company
monopoly/trust company that wipes out competitors and controls and industry
Andrew Carnegie Captain of Industry; formed a monopoly in the steel industry; Carnegie Steel
John D. Rockefeller Captain of Industry; formed a monopoly in the oil industry; Standard Oil Company
vertical and horizontal integration a way of eliminating competition by eliminating middle men and other companies
Golden Age a time of growth and good times
Gilded Age A time when everything appears to look great, but when you really look to the inside there are problems
union group of workers with like goals to fight for workers’ rights
collective bargaining a process where union leaders and business owners sit down and compromise to solve problems
Knights of Labor/American Federation of Labor early unions that fought for workers' rights
Triangle Shirtwaist Factory Fire tragic fire that led to reform in factory work
Created by: Mrs.Rizzo