Social Studies Vocab

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22 Terms

1
supply
The amount of a product available for sale
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2
demand
Willingness and ability to purchase a good or service
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3
surplus
Too much of a product
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4
deficit
Not enough of a product
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5
competition
Two or more companies in the same industry fighting for the consumer’s business
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6
monopoly
A company or group having control of all or nearly all of the business in an industry.
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7
trust
A group of corporations run by a single board of directors
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8
consolidate
To combine business with the motive to eliminate competition and increase profits
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9
rebate
A partial refund to someone who has paid too much for tax, rent, utility, or any other required payment.
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10
stock
A share of ownership in a corporation
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11
vertical integration
The practice of when a single manufacturer controls all steps to change raw material to the finished product.
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12
capital
Money raised for a business venture
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13
corporation
A business owned by investors (In the stock market)
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14
dividend
Share of a corporation’s profit
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15
free enterprise
Businesses are owned and operated by private citizens, not the government
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16
assembly line
Method of production in which workers stay in one place as products move past them on a machine.
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17
mass production
Process of making large quantities of a product quickly and cheaply
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18
John Rockefeller
Founder of the Standard Oil Company, becomes one of the richest people ever.
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19
Andrew Carnegie
Led US steel and steel industry in the late 19th century and became one of the richest Americans in history.
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20
JP Morgan
American financier and industrial organizer, one of the world’s foremost financial figures.
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21
Cornelius Vanderbilt
American business icon who was wealthy from railroads + shipping.
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22
Labor Union
An organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
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