Chapter 24 Key Term Quiz Flashcards
a person who assembles and organizes the resources necessary to produce goods and services
entrepreneur
ex: Elon Musk
entrepreneur
Money earned by a business after subtracting its operation costs. It provides an incentive for individuals to take the risks that come with starting a business
profit
ex: if a company makes a product for $4 and sells it for $12, they make an $8 profit
profit
a theory that economies work best when there is minimal involvement of from government
laissez-theory
ex: it’s illegal
laissez-theory
the use of interchangeable parts and assembly lines to make large quantities of identical goods
mass production
ex: canned goods
mass production
a business that is owned by many investors
corporation
ex: amazon because they have many different products from many different people
corporation
a group of corporations that unite in order to reduce competition and control prices in a business or an industry
trust
ex: it’s illegal
trust
a company that controls all production and sales of a particular product or service
monopoly
ex: it’s illegal
monopoly
the growth of cities
urbanization
