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Industrial Rev

TermDefinition
England Country where the Industrial Revolution began
Industrial Revolution Invention of machines caused change in making goods
Urbanization movement of people from countryside to cities
Life for workers before unions Long hours, low pay, unsafe working conditions
goods items for sale that can be touched, example: automobile
services work done for someone else, example: mechanic
supply goods and services that are available for others to purchase and use
demand the amount of goods and services that people are willing and able to buy.
Law of Demand as the prices of goods and service rise consumer will demand less of them; as the price of goods and services drop, consumers will demand – be more willing and able – to buy more
Law of Supply as the prices of goods and services rise, a seller will supply more of those products at higher prices; if prices go down, a seller will not supply as many goods and services because their ability to make money also diminishes.
Entrepreneur a person who starts a business and is willing to risk loss in order to make money
Profit money that is made in a business, through investing, etc., after all the costs and expenses are paid : a financial gain
Stock a share of the value of a company which can be bought, sold, or traded as an investment
Bankrupt a person, business, etc., that is unable to pay debts
Innovation a new idea, device, or method
Cartel a group of businesses that agree to fix prices so they all will make more money
Strike a period of time when workers stop work in order to force an employer to agree to their demands
Labor Unions
Created by: crogalny