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Economics/Business
| Term | Definition |
|---|---|
| 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
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