1. 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

2. Where the supply and demand curve meet

3. Equilibrium

4. As the quantity demanded on the supply curve increases, the price ______.

5. Increases

6. Factors that cause a change in supply or demand are called _____________.

7. determinants

8. Goods that either accompany or replace. Price and availability of these can effect the demand curve.

9. Substitutes, compliments.

10. If the demand curve shifts left, what happens to the price and quantity demanded?

11. decrease

12. What innovation increased production ability in factories (think Ford)?

13. Assembly Line (in particular, one that moves while the workers stay in one place)

14. What is the license to make, use or sell an invention called?

15. Patent

16. What made the mass production of steel possible?

17. Bessemer Process

18. Along with the mass production of steel, what invention allowed cities to grow upward?

19. Elevator

20. What 2 items contributed to economic growth by improving nationwide communication?

21. Telephone and Telegraph

22. This group of unskilled laborers were prominent in the work force – too bad they werent in school.

23. Children

24. Ruthless business leaders were called _____ _____.

25. Robber Barons

26. Who developed a company that monopolized the oil/petroleum industry by eliminating the competition?

27. John D. Rockefeller

28. Who revolutionized industry in the United States by discovering a practical way to generate and distribute electricity?

29. Thomas Edison

30. Who was the owner of the steel company that gained a monopoly through vertical consolidation?

31. Andrew Carnegie

32. What is a company that dominates a particular industry called?

33. Monopoly

34. A person that uses their wealth to benefit society is often called a ______.

35. Captain of Industry

36. What large group of people would have been employed as unskilled factory workers?

37. Immigrants

38. A corporation is owned by___________.

39. Stockholders

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

41. Incentive

42. I.R.D.L.

43. Increase Right Decrease Left

44. A license to protect your written material

45. Copyright

46. Controlling all phases of a products development is known as?

47. Vertical Consolidation

48. All the goods and services a producer is willing and able to make

49. Supply

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

51. Philanthropist