Core Knowledge 6 - Industrial Revolution Vocab.

an economic system in which major industries are owned or regulated by the government, rather than by private businesses.

• capitalism

• free market

• union

• bourgeoisie

• socialism

an economic system based on competition between private businesses, where the government does not control prices.

• capitalism

• free market

• union

• bourgeoisie

• socialism

an organization formed by workers to win and protect workers' rights.

• capitalism

• free market

• union

• bourgeoisie

• socialism

an economic system in which resources and businesses are privately owned and prices are not controlled by the government.

• capitalism

• free market

• union

• bourgeoisie

• socialism

the upper or wealthy middle class; the people who owned the means of production, or what Karl Marx called "the haves".

• capitalism

• free market

• union

• bourgeoisie

• socialism

The amount of goods and services available to buy compared with the amount that people want to buy is called supply and ____________.

a system of representative government that uses elements of capitalism and socialism to govern the economy.

• laissez-faire

• investor

• regulate

• social democracy

a person who puts money into a business with the goal of later making a profit.

• laissez-faire

• investor

• regulate

• social democracy

a philosophy that calls for very little or no government involvement in the economy.

• laissez-faire

• investor

• regulate

• social democracy

to control or put limits on

• laissez-faire

• investor

• regulate

• social democracy