Module 15 Lesson 3 & 4 Vocab

The system of manufacturing large numbers of identical items.

• productio

• mass production

• factories

• assemblling

identical machine-made parts, the use of which made factory work more efficient.

• handman parts

• interchangeable parts

• car parts

• specialized parts

In a factory, an arrangement in which a product is moved from worker to worker, with each person performing a single task in its manufacture.

• handcrafted products

• Model T Ford

• Assembly Line

• None of these

When one worker specializes in doing one task.

• multitasking

• jack of all trades

• division of labor

• specialization

An economic concept that refers to separating tasks in which people in a factory or company work at one kind of job and learn to do it well.

• Capitalism

• multiple products

• specialization

• all of these

A situation where people rely on others to provide the goods and services they need.

• economic interdependence

• free market

• fair trade

• economic dependence

Certain rights of ownership of a corporation.

• share

• stock

• piece

• product

A business owned by stockholders who share in its profits but are not personally responsible for its debts.

• business

• mom & pop store

• Conglomerate

• corporation

The idea that government should not interfere with or regulate industries and businesses.

• communism

• socialism

• laissez faire

• utopia

An economic system based on private ownership and on the investment of money in business ventures in order to make a profit.

• communism

• capitalism

• socialism

• utopia