LA History: Chapter 3 Vocabulary Study Guide

Industralization, Immigration and Urbanization

Capitalism

is an ECONOMIC SYSTEM where trade and industry are controlled by private owners, and NOT by the government

free market

on economic system where PRICES and SERVICES ARE DRIVEN by supply and demond with little to no government control.

supply

how much of a good or service is AVAILABLE TO BUY

demand

the amount of a good or service PEOPLE WANT TO BUY

mass production

allowed for MANY of the same PRODUCTS to be produced within a short period of time

crop rotation

MOVING CROPS from one tract to another each year to maintain the quality of the soil

terracing

A SOIL CONSERVATION PRACTICE used to prevent rainfall runoff on sloping land from accumulating and causing serious erosion

laissez-faire

French term that means “leave to be”

entrepreneurship

a person who takes the risk to organize resources TO PRODUCE A NEW OR BETTER GOOD OR SERVICE in hopes of gaining a profit

monopoly

EXCLUSIVE CONTROL of a product or service in a particular market

corporation

A COMPANY that is legally separate from its owners

stock

A SHARE in the ownership and profits of a company

invest

TP PUT TIME OR MONEY into something in the hopes of earning a future benefit, usually more money.

urbanization

the DEVELOPMENT of an area to gian more attributes of a city, including higher population

horizontal integration

a business strategy in which a company expands its operations at the SAME STAGE of supply chain in its industry

vertical integration

a business strategy in which a company expands its operations to TAKE OWNERSHIP OF TWO OR MORE stages of the supply chain of its industry

trust

an organizational structure that GIVES CONTROLOVER SEVERAL BUSINESSES to a single board of trustees with the purpose of monopolizing a market

financier

SOMEONE WHO HELPS FUND organizations by investingand loaning large amounts of money

merger

A JOINING of two companies into one

coinage

the process of TURNING METAL into coins

infrastructure

the basic FACILITIES and STRUCTURES that help a community run, such as roads, power plants, cell towers, etc.