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Econ. Inventions People Labor Vocabulary

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Where the supply and demand curve meet

Equilibrium

As the quantity demanded on the supply curve increases, the price

______.

Increases

Factors that cause a change in supply or demand are called

_____________.

determinants

Goods that either accompany or replace. Price and availability of

these can effect the demand curve.

Substitutes, compliments.

If the demand curve shifts left, what happens to the

price and quantity demanded?

decrease

What innovation increased production ability in

factories(think Ford)?

Assembly Line(in particular, one

that moves while the workers stay in one

place)

What is the license to make, use or sell an

invention called?

Patent

What made the mass production of steel

possible?

Bessemer Process

Along with the mass production of steel, what invention allowed cities to

grow upward?

Elevator

What 2 items contributed to economic growth by improving nationwide

communication?

Telephone and Telegraph

This group of unskilled laborers were prominent in the work force – too

bad they weren’t in school.

Children

Ruthless business leaders were called

_____ _____.

Robber Barons

Who developed a company that

monopolized the oil/petroleum industry

by eliminating the competition?

John D. Rockefeller

Who revolutionized industry in the United States by discovering a

practical way to generate and distribute electricity?

Thomas Edison

Who was the owner of the steel company that

gained a monopoly through vertical consolidation?

Andrew Carnegie

What is a company that dominates a particular

industry called?

Monopoly

A person that uses their wealth to benefit society is

often called a ______.

Captain of Industry

What large group of people would have been employed

as unskilled factory workers?

Immigrants

A corporation is owned by___________.

Stockholders

A cost or benefit that motivates a decision or action by consumers, businesses, or other participants in the

economy.

Incentive

I.R.D.L.

IncreaseRight

DecreaseLeft

A license to protect your written material

Copyright

Controlling all phases of a product’s development is

known as?

Vertical Consolidation

All the goods and services a producer is willing and

able to make

Supply

One who tries to help others by donating money or time. Many Captains of Industry were considered

this.

Philanthropist