Industrial Revolution Vocab

Supply and demand

• what you have to sell and how much someone is willing to pay for it

• the total amount of goods available in the market

• the relationship between production costs and selling price

• the quantity of goods that consumers are willing to buy regardless of price

Division of labor

• the splitting of a broad task into subtasks, each of which is then assigned to a worker who specializes in carrying out that subtask

• a method of organizing work where all workers perform the same task simultaneously

• a strategy to increase productivity by reducing the number of workers

• a technique used to improve communication among team members

Migration

• to move

• to stay

• to rest

• to wander

Free enterprise

• An economic system where the government controls all businesses

• An economic system in which people are free to start their own businesses or to do whatever work they want

• A system where only large corporations can operate

• An economic model that prohibits private ownership

Services

• is something that someone does for you, like give you a haircut or fix you dinner

• is a product that you can buy and own

• is a type of investment that generates income

• is a legal document that outlines terms and conditions

Voluntary exchange

• buyers and sellers freely and willingly engaging in market transactions

• mandatory transactions enforced by law

• exchanges that occur only in a controlled market

• transactions that require government approval

Entrepreneur

• Someone who takes a risk to start a business

• A person who works for a corporation

• An individual who avoids risks

• A manager in a large company

Transcontinental Railroad

• a railroad that spans an entire continent

• a train that operates within a single state

• a railway system used only for freight transport

• a network of trains connecting major cities in one country

Economic freedom

• the ability to select how to create, market, as well as use your own resources, while respecting others' rights

• the restriction of trade and personal choices by the government

• the ability to own property without any regulations

• the freedom to work in any profession without any qualifications

Immigration

• the process of moving to a new country, with plans to live there permanently

• the act of visiting a country temporarily for tourism

• the process of moving within the same country

• the legal procedure to obtain citizenship in a new country