Industrial Revolution Level 2 Assessment

Front

A person who will take the risk of starting a new business venture

Back

Entrepreneur

Front

Materials supplied by nature that can be used for industrial purposes.

Back

Natural resources

Front

The total output of manufactured goods in an industry

Back

Production

Front

The state of one who lacks a usual or socially acceptable amount of money or material possessions.

Back

Poverty

Front

Of or relating to a city

Back

Urban

Front

When two or more people offer the same good or service and need to attract customers by offering high-quality goods at a fair price.

Back

Competition

Front

A French term that means "let do"; suggests that the government should have a "hands-off" approach to the economy; the economy will naturally regulate itself.

Back

Laissez-faire

Front

An economic system in which the private sector determines what to produce, how to produce it, and for whom to produce; there is an unequal distribution of income

Back

Market economy

Front

The part of the economy that is controlled by individuals for profit and is not controlled by the government.

Back

Private sector

Front

Not enough resources to meet the demands of unlimited wants.

Back

Scarce