Industry&Trade

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19 terms

industry

a group of businesses that produce a similar product or provide a similar service

Industrial Revolution

the change from an agricultural to an industrial society and from home manufacturing to factory production, especially the one that took place in England from about 1750 to about 1850

output

the amount produced; product or yield: the daily output of automobiles

capital goods

buildings, machinery, tools, and other goods that provide productive services over a period of time

stock

the capital of a company or corporation, divided into portions or shares of uniform amount which are represented by transferable certificates

dividend

share of the profits from the business

Developing country

any of the world's poor, or "have-not," nations

nondurable goods

goods such as clothing and food

primary industries

raw materials and natural resources are obtained (mining, agriculture, fishing)

secondary industries

the manufacturing industries like chemical, textile, and other

tertiary industries

the movement of goods from producers to consumers. Industries at this stage of production include automobile dealers, drugstores, and trucking firms

domestic trade

Trade within a single country

international trade

Trade between nations

Globalization

The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world

specialization

Workers concentrate on producing those goods and services for which they have a competitive advantage

competitive advantage

concentration on jobs workers are best fitted to perform

capital

goods used to produce other goods

tariff

Tariff is a tax placed on goods that one nation imports from another

subsidy

A money payment or other form of aid that the government gives to a person or organization

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