Key Vocabulary for Industrialization and Urbanization

What is the primary role of entrepreneurs in the economy?

• To provide government regulations

• To innovate and create new businesses

• To enforce laws

• To manage public services

What is a protective tariff?

• A tax on imported goods to protect domestic industries

• A tax on exported goods to increase revenue

• A tax on luxury items to discourage consumption

• A tax on all goods to fund public projects

Which economic policy is characterized by minimal government interference in business?

• Socialism

• Laissez-faire

• Communism

• Protectionism

What is mass production?

• The creation of unique, custom-made products

• The production of goods in large quantities using standardized processes

• The manual crafting of goods by artisans

• The production of goods on a small scale

What is the main characteristic of a free enterprise system?

• Government ownership of all businesses

• Private ownership and minimal government intervention

• Centralized planning of the economy

• Equal distribution of wealth

What is a corporation?

• A small family-owned business

• A large company or group of companies authorized to act as a single entity

• A government agency

• A non-profit organization

What is a monopoly?

• A market structure with many competitors

• A market structure where a single company dominates the market

• A market structure with no competition

• A market structure with government control

What is a trust in the context of business?

• A legal arrangement to manage assets for beneficiaries

• A group of companies that work together to reduce competition

• A government agency that regulates trade

• A non-profit organization

What does urbanization refer to?

• The movement of people from cities to rural areas

• The growth and expansion of cities

• The decline of city populations

• The development of agricultural areas

What are tenements?

• Luxury apartments in urban areas

• Large, often overcrowded apartment buildings in poor sections of a city

• Single-family homes in suburban areas

• Government buildings for public use