Term | Definition |
England | Country where the Industrial Revolution began |
Industrial Revolution | Invention of machines caused change in making goods |
Urbanization | movement of people from countryside to cities |
Life for workers before unions | Long hours, low pay, unsafe working conditions |
goods | items for sale that can be touched, example: automobile |
services | work done for someone else, example: mechanic |
supply | goods and services that are available for others to purchase and use |
demand | the amount of goods and services that people are willing and able to buy. |
Law of Demand | as the prices of goods and service rise consumer will demand less of them; as the price of goods and services drop, consumers will demand – be more willing and able – to buy more |
Law of Supply | as the prices of goods and services rise, a seller will supply more of those products at higher prices; if prices go down, a seller will not supply as many goods and services because their ability to make money also diminishes. |
Entrepreneur | a person who starts a business and is willing to risk loss in order to make money |
Profit | money that is made in a business, through investing, etc., after all the costs and expenses are paid : a financial gain |
Stock | a share of the value of a company which can be bought, sold, or traded as an investment |
Bankrupt | a person, business, etc., that is unable to pay debts |
Innovation | a new idea, device, or method |
Cartel | a group of businesses that agree to fix prices so they all will make more money |
Strike | a period of time when workers stop work in order to force an employer to agree to their demands |
Labor Unions | organization that fights for the rights of workers |