NB-Unit 3 Deck (Parts of Ch 5 & 6)

The physical or mental effort and work that individuals contribute to produce goods or services.

• labor

• capital

• entrepreneurs

• cottage industry

refers to financial assets, machinery, tools, and other resources used to produce goods or services.

• labor

• capital

• entrepreneurs

• cottage industry

Individuals who initiate and manage business ventures, taking risks and making decisions to achieve profit.

• labor

• capital

• entrepreneurs

• cottage industry

A small-scale, decentralized form of manufacturing often carried out in people's homes, typically involving handcrafting.

• labor

• capital

• entrepreneurs

• cottage industry

Energy sources like coal, oil, and natural gas that are derived from ancient organic materials and are burned to generate power.

• fossil fuel

• puddling

• industrial capitalism

• socialism

A process in iron production where impurities are removed from molten pig iron to create high-quality wrought iron.

• fossil fuel

• puddling

• industrial capitalism

• socialism

An economic system characterized by private ownership of industries and the pursuit of profit through production and trade.

• fossil fuel

• puddling

• industrial capitalism

• socialism

A socio-economic system where the means of production and distribution are commonly owned and wealth is distributed more equitably among citizens.

• fossil fuel

• puddling

• industrial capitalism

• socialism

a manufacturing process in which a product is divided into a series of individual tasks or operations performed by different workers or machines. Each task is typically simple and repetitive, and the product moves along a conveyor belt or assembly line from one station to the next until it is fully assembled.

• Assembly line

• Mass Production

• Corporations

• Transition

a method of manufacturing that involves the large-scale production of standardized products. It is characterized by the use of assembly lines, specialized machinery, and efficient production techniques to produce goods in high volumes at a low cost.

• Assembly line

• Mass Production

• Corporations

• Transition