Quiz 1 Vocabulary
How people produce, distribute, and consume resources or goods.
Economics
The use of goods to satisfy wants
Consumption
Inventor of the telephone
Alexander Graham Bell
Name for a business leader who makes lots of money but exploits worker or resources etc.
Robber Baron
The large scale change in production from hand powered to machine powered production.
industrialization
Way of putting a product together where the product moves along through separate work stations at which a worker completes only one part of the job
assembly line
What innovation did Thomas Edison come up with?
Practical incandescent light bulb
He was a captain of industry in the steam boat and the railroad business
Cornelius Vanderbilt
Define Cause
The reason why something happens or is the way it is.
To come up with a new way or doing something.
He forever changed American society with the introduction of the Model T.
Henry Ford
He built up his wealth in the steel business
Andrew Carnegie
The idea that we often do not have enough resources.
Scarcity
The production of goods on a large scale, cheaply and quickly
Mass production
What did George Westinghouse invent that made him so much money, particularly after congress made them mandatory on all trains.
Air brake
He was a robber baron who formed an oil monopoly
JD. Rockefeller
The money or physical assets that we invest to make more money.
Capital
Define economics
How people/the way people produce, distribute, and consume resources or goods.
He became famous world-wide for his innovative improvements to the use of the assembly-line to manufacture products.
Henry Ford
He wasn't happy with his nose, but he was happy consolidating businesses.
JP Morgan