| A | B |
|---|
| Natural Resources | Materials that come from nature |
| Labor Resources | work done by people |
| Capital Resources | Man-made materials that help businesses operate |
| Corporation | organization owned by many people, but treated by law like a single person |
| Monopoly | single company controls an entire market |
| Trust | combination of corporations where one person to manages & controls another person’s property |
| Trade Union | unions for people w/ specific skills; usually make more money |
| Industrial Union | unions for all workers in a common profession |
| How did railroads affect time? | Led to the creation of 4 time zones |
| 3 advantages of a corporation over small businesses | 1. Make goods cheaper & faster 2. In bad times, cut prices to sell more rather than shut down 3. Negotiate lower rates w/ shippers (trucks, railroads, planes, boats) |
| Inflation | decline in the value of money because of an increase in available money |
| Deflation | rise in the value of money because of a decline in available money |
| 3 reasons workers formed unions in late 1800s | 1. Low wages 2. Bad working conditions 3. Repetitive, boring jobs |
| 3 ways female workers were treated differently | 1. Lower wages for same jobs 2. Excluded from unions 3. Employed in jobs that were "appropriate" for women |
| Laissez-Faire | economic policy where the people control everything and the government stays out of it |
