1. Define:
-Capitalism: Economic system in which individuals, rather than governments, control the factors of production.
-Commercial Capitalism: Early economic system in hich most capitalists were merchants who bought and sold goods.
-Industrial Capitalism: Type of capitalism that began during the Industrial Revolution when capitalists were involved in producing and manufacturing goods themselves, often using mechanized and industrialized methods of production.
-Interchangeable Parts: Identical parts that can replace each other.
-Mass Production: System of producing large numbers of identical items.
-Corporations: Businesses that allow people to buy stock in the company.
-Monopoly: Complete control of the production or sale of a single good or service by a single firm.
-Cartels: Corporate combinations that control entire industries.
-Business cycle: Alternating periods of prosperity and decline.
-Depression: Period in which the decreased demand of goods causes the entire economy to sink.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You must be logged in to post a comment.