Vocab 2-1-17

Question 1

Industrial Revolution

Answer 1

Term for changes beginning in the 1700’s when power driven machines began to do man work that people have done before

Question 2

Factors of Production

Answer 2

Basic resources for industrialization such as LAND, CAPITAL, and LABOR

Question 3

Mechanization

Answer 3

Use of automatic machinery to increase production

Question 4

Factory System

Answer 4

Production of goods in a factory through the use of machines and a lot of workers

Question 5

Vulcanization

Answer 5

Process of treating rubber to make it more useful

Question 6

Tenements

Answer 6

Cramped apartments where workwrs lived during industrial revolution

Question 7

Capitalism

Answer 7

Economic systems where individuals had control over factors of production

Question 8

Interchangeable parts

Answer 8

Identical parts that can replace each other

Question 9

Mass production

Answer 9

System of producing large numbers of identical items

Question 10

Corporations

Answer 10

Businesses that allow people to buy stock in the company

Question 11

Monopoly

Answer 11

Complete control of the production or sale of a single good by a single firm

Question 12

Cartels

Answer 12

Corporate combinations that control entire industries

Question 13

Business cycle

Answer 13

Alternating periods of prosperity and decline

Question 14

Depression

Answer 14

Period on which the decreased demand of good causes the entire economy to sink

Question 15

Means of production

Answer 15

Everything used to produce and exhange goods

Question 16

Socialism

Answer 16

Political and economic system in which government owns the means of production

Question 17

Proletariat

Answer 17

Name given by Karl Marx to the working class

Question 18

Communism

Answer 18

Authoritarian socialism: economic and political system in which govs own the means of production and control economic planning

Question 19

Unions

Answer 19

Associations of workers that combine forces and demands of different workers

Question 20

Collect bargaining

Answer 20

Process of negotiation between management and union representatives