Industrial Rev
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| England | Country where the Industrial Revolution began
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| Industrial Revolution | Invention of machines caused change in making goods
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| Urbanization | movement of people from countryside to cities
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| Life for workers before unions | Long hours, low pay, unsafe working conditions
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| goods | items for sale that can be touched, example: automobile
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| services | work done for someone else, example: mechanic
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| supply | goods and services that are available for others to purchase and use
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| demand | the amount of goods and services that people are willing and able to buy.
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| 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
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| 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.
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| Entrepreneur | a person who starts a business and is willing to risk loss in order to make money
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| Profit | money that is made in a business, through investing, etc., after all the costs and expenses are paid : a financial gain
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| Stock | a share of the value of a company which can be bought, sold, or traded as an investment
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| Bankrupt | a person, business, etc., that is unable to pay debts
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| Innovation | a new idea, device, or method
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| Cartel | a group of businesses that agree to fix prices so they all will make more money
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| Strike | a period of time when workers stop work in order to force an employer to agree to their demands
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| Labor Unions | organization that fights for the rights of workers
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Created by:
crogalny
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