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. What is point where the supply and demand curve meet called?

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. The price and availability of ____________ 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 invention increased production ability (think Ford)?

13. Assembly line

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. What invention allowed cities to grow upward?

19. Elevator

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

21. Telephone, telegraph

22. What group made up the majority of unskilled laborers?

23. Immigrants

24. Ruthless business leaders were called _____ _____.

25. Robber Barons

26. Who developed a company that monopolized the Oil industry?

27. Rockefeller

28. What was Edison’s most significant contribution to industrialism?

29. Distribution of electricity

30. Who was the Steel Company owner that implemented vertical consolidation?

31. Carnegie

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

33. Monopoly

34. A person that used their wealth to benefit society was a ______ _ _______.

35. Captain of industry

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

37. immigrants

38. A corporation is owned by___________.

39. stockholders

40. What are the 4 phases in the Business Cycle?

41. Growth, peak, recession, depression

42. What theory preached a “survival of the fittest” approach towards business and society?

43. Social Darwinism

44. Risk takers who establish new business

45. entrepreneurs

46. Controlling all phases of a product’s development is know as?

47. Vertical consolidation

48. One who donates time or money to support worthy causes.

49. philanthropist

50. What is the philosophy that favors public control of property and income?

51. Socialism