19 terms


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
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
the capital of a company or corporation, divided into portions or shares of uniform amount which are represented by transferable certificates
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
The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world
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
goods used to produce other goods
Tariff is a tax placed on goods that one nation imports from another
A money payment or other form of aid that the government gives to a person or organization