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Lesson 19 Vocabulary

The Economics of the Industrial Revolution

TermDefinition
economics The study of production, distribution, and consumption of goods and services.
industry The production and sale of a good or service for profit.
open market A system of trade where companies or people compete with one another to sell or trade goods and services for capital.
capitalistic Favoring or practicing and economic system based on private ownership of capital.
supply and demand The driving force that sets pricing within an open market. The more a product is demanded, the higher the price. If a product is in large supply (surplus), vendors may lower the price to try to sell it more easily
monopolistic Having exclusive control over commercial activity by possession or legal grant.
revolution A sudden radical, or complete change.
profit Excess of value received for producing, keeping, or selling of a good or service.
capital Money.
consumer A person who uses goods or services.
loss The sale of an object that does not result in a profit for the vendor.
civil war A war between citizens in the same country.
Created by: akennon
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