| 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, it 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 buisness. 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 rols past a worker and each worcker 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 lead to new industries |
