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Economics/Industrial
| Question | Answer |
|---|---|
| A need | something that is necessary for survival |
| A want | something we desire but is not necessary for survival |
| Goods | Physical products businesses produce. Tangible items of value. |
| Services | Products you can't touch. Work performed; intangible items of value |
| Scarcity | The result of an inability to satisfy all of everyone's wants. Limited quantities of resources to meet unlimited wants. Scarcity always exists because our needs and wants are always greater than our resource supply. |
| Factors of production | Land, Labor, Capital goods and Entrepreneurs |
| Three basic economic questions | What to produce? How to produce it? Who gets it? |
| What to produce? | Each society must decide what to produce in order to satisfy its needs. How much of our resources should we devote to national defense, education, public health and welfare, or consumer goods? |
| How to produce it? | How should we use our resources to produce goods and services? Should we produce electricity with oil, solar power, or nuclear power? |
| Who gets it? | Societies must decide how to distribute the goods and services they generate. |
| Adam Smith | Economic theorist, he formed the basis for theories of classical economics. |
| Laissez-faire (less-ay fair) | it is a policy saying that means “let them do (as they please)” which talks about the government not interfering with what the people do. NOTE: It's french for "allow to do" |
| Free market | no government interference in business competition |
| Traditional economy | people rely on traditions to make the what, how and who choices |
| Command economy | the government holds most property rights. |
| Market economy | Using markets as the primary means of organizing and coordinating production. Also called capitalism or free enterprise. |
| Karl Marx/Frederick Engles | founded the Marxist Theory (ideas about communism) |
| Enclosure | The process of taking over and consolidating land formerly shared by peasant farmers. Caused farmers to have to move to the city for work. |
| Urbanization | when cities population increases because people are moving away from farms to work in factories |
| Rural | countryside |
| Factory | large building where people work and make stuff |
| Textile | a fabric |
| Darwin | evolutionary theory |
| Industrialization | less farming, more factories |
| Social Darwinism | “survival of the fittest” groups of people, used to justify racism and poor treatment of people |
| Emmeline Pankhurst | a british political activist who fought for Women's suffrage campaigners |
| Mary Wollstonecraft | British, fought for rights for women |
| Proletariat | the working class (regular people) |
| The Meiji Period | In Japan, they opened up their borders and modernized their government, military, business, and industry. The ended the class system. The emperor had total power but had a group of advisors. |
Created by:
mharms
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