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INDUSTRIALISM vocab

INDUSTRIALISM vocab for YOU to study

TermDefinition
capital money or property, especially when used to make more money
depression a period of poor business and high unemployment
division of labor different people doing different jobs that in the end all combine to finish a complicated task or activity; also called specialization
free market when both the seller and the buyer of an item or a service agree on a fair price without anyone else's influence or control
inflation what happens when prices go up and money is worth less
layoff a time large numbers of workers are fired, often with no warning
proletarian a worker, from the Latin word proletarius (which referred to people without property, the lowest class of Roman citizens)
socialism a system of government in which the state controls the economy and runs businesses for the benefit of citizens
strike to stop working until certain demands are met
welfare system aid given by government agencies to those in need
Created by: Greenurnz
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