An economic theory believing a nation’s power depended on its wealth, specifically gold and silver.

An economic system in which prices are determined by unrestricted competition between privately owned businesses.

An economic philosophy that says the government should not interfere with businesses, allowing the free market to run itself.

A Scottish philosopher and economist, he authored The Wealth of Nations.

An economic system where private individuals or businesses, rather than the government, own and control property, factories and goods.

Socialism vs. Communism- Socialism:

People paid based on their effort/contribution. Communism: People are provided for based on their needs.

A German philosopher, economist who is famous for criticizing capitalism.

Invented by Eli Whitney that efficiently separated cotton fibers from their seeds.

Materials made of interlacing fibers, the encompassed yarn, thread and finished fabrics.

Powered by the steam engine, played a very important role in transportation during the industrial revolution.

This helped a worker spin multiple threads at once from just a single wheel.

A pioneering English agriculturist and inventor.

A British politician whose colonial policies specifically the “Townshend Acts” imposed taxes on American colonies.

The engine powered from coal that helped create transportation of the steam boat and the train.

A German engineer, industrial designer, known as a “father of motorized transport.”

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Economic Terms

Term	Definition
Mercantilism	An economic theory believing a nation’s power depended on its wealth, specifically gold and silver.
Free Market	An economic system in which prices are determined by unrestricted competition between privately owned businesses.
Laissez-Faire	An economic philosophy that says the government should not interfere with businesses, allowing the free market to run itself.
Adam Smith	A Scottish philosopher and economist, he authored The Wealth of Nations.
Capitalism	An economic system where private individuals or businesses, rather than the government, own and control property, factories and goods.
Socialism vs. Communism- Socialism:	People paid based on their effort/contribution. Communism: People are provided for based on their needs.
Karl Marx	A German philosopher, economist who is famous for criticizing capitalism.
Cotton Gin	Invented by Eli Whitney that efficiently separated cotton fibers from their seeds.
Textile	Materials made of interlacing fibers, the encompassed yarn, thread and finished fabrics.
Steamboat	Powered by the steam engine, played a very important role in transportation during the industrial revolution.
Spinning Jenny	This helped a worker spin multiple threads at once from just a single wheel.
Jethro Tull	A pioneering English agriculturist and inventor.
Charles Townsend	A British politician whose colonial policies specifically the “Townshend Acts” imposed taxes on American colonies.
Steam Engine	The engine powered from coal that helped create transportation of the steam boat and the train.
Gottlieb Daimler	A German engineer, industrial designer, known as a “father of motorized transport.”

Created by: 29stickle

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