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Final10Gradehistory

TermDefinition
capitalism the economic system characterized by private ownership and distribution of completely in a free market
free enterprise the freedom of private business to operate for profit competitively and without undue government intervention
industrialism social organization in which industries, especially large scale ones, are dominant
sequestered withdrawn or secluded
aristocracy the small privileged class of nobility or the very wealthy
capital the amount of property or money available
stockholder someone who has purchased stock, also known as a shareholder
consolidation the merging of businesses into one large organization
mobilized assembled and ready for war duty
monopoly the exclusive control of a commodity or production by a business
standardized brought to conformity; making all alike
bourgeoisie the middle class, especially those having views influenced by private property interest
collective bargaining negotiations between an employer and union Representatives concerning wages, hours, and working conditions
compensation payment to an unemployed an injured worker or his family
laissez-faire the policy opposing government intervention in economics
proletariat the poorest class of working people in society. according to the Marxist theory, it is the social class of industrial workers who must earn their living by selling their labor
socialism any of a number of economic and political theories advocating collective or governmental ownership of the means of production of goods
tariff taxes on imported goods
Created by: mockingj