2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Econ. Inventions People Labor Vocabulary 2 pt 1 pt 2pt 1pt

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 werent 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.

Increase Right Decrease Left

A license to protect your written material

Copyright

Controlling all phases of a products 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