Industrial Revolution Vocab

Invested money

• Capital
• Revenue
• Entrepreneur 
• profit

The transition from having a farming based economy into a factory based economy. 

• Urbanization
• Ruralization 
• Factory System
• Industrial Revolution

Setting up a business in hopes to make a profit. 

• Entreprenuership
• Urbanization
• Occupation

the process by which towns and cities are formed and become larger due to people living and working together

• urbanization
• industrialization 
• region 
• innovation

Government will stay out of peoples business and allow them to operate freely

• Laissez-Fare
• Left Alone
• Quid pro Quo
• Lazy-Boy

An economic system, based on the premise of self-interest, in which all resources are privately owned and markets determine how those resources are distributed. 

• urbanization
• monopoly
• capitalism
• wealth

The desire or willingness a consumer has to purchase a good or a service is called?

• shortage
• supply
• price
• demand

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

In a market economy, who decides on the prices of goods and services?

• government
• buyers and sellers
• firms
• local leaders

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on