| A | B |
|---|
| capitalism | the U.S. - able to own a business & make a profit or lose money |
| Adam Smith | wrote "Wealth of Nations" - against government interference in business |
| laissez-faire | business will control itself by supply & demand - govt. stay out |
| bourgeoisie | factory owners |
| proletariat | the workers |
| child labor | abused in Industrial Revolution |
| colony | area used for raw materials in mercantilism |
| mercantilism | economic process: colony used for raw materials & place to sell goods by mother country |
| imperialism | taking over an area |
| command economics | government owns everything & sets all prices & says how much will be produced - USSR |
| corporation | large company people invest in |
| cottage industry | goods made at home - like carpets/ sweaters |
| economics | to earn a living |
| Enclosure Acts | land fenced off - peasants forced off land - more land worked together with machines produces more |
| energy | wood, coal, water/steam, nuclear |
| entrepreneur | someone who invests in a company |
| export | to ship out of a country - into another - you make money |
| import | to bring into your country - you lose money |
| free enterprise | a company privately owned - capitalism |
| Industrial Revolution | work done by machines instead of by hand 1750 - 1900 |
| Karl Marx | founder of Communism - wanted worker's revolution |
| law of supply & demand | fewer there are the higher the price/ the more their are the lower the price |
| migrant labor | people from other countries - usually illegally - labor taken advantage of |
| mixed economy | another term for socialism |
| socialism | the government owns key industries vital to everyone to survive - medical care |
| natural resource | something found in the ground or comes from the ground - gold, water, wood |
| social darwinism | survival of the fittest |
| unions | they protect worker's rights |
