| A | B |
|---|
| free market economy | economic system of the USA in which people can trade with each other at any time in any way that they both agree |
| specialization | to do one job very well |
| voluntary exchange | the freedom to buy and sell what you want |
| surplus | when a product is easy to get; causes prices to be lowered |
| production | when goods are made in a factory |
| distribution | method by which goods are delivered |
| consumption | goods that are sold and purchased by consumers and used up |
| John D. Rockefeller | had a monopoly on the oil industry |
| Andrew Carnegie | had a monopoly on the steel industry |
| J.P. Morgan | had a monopoly on the railroad business. He earned his money through investments. |
| Henry Ford | produced automobiles using the assembly line, which made the cars more affordable |
| assembly line | method of production in which a product rolls past a worker and each worker does his specialized job |
| scarcity | when a product is hard to get; it causes prices to be raised |
| industrial revolution | time in history in which new inventions led to new industries |
