| Term | Definition |
|---|
| 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. |
Combine with other sets
Share on Facebook
Share on MySpace