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15 Cards in this Set

  • Front
  • Back
partnership
when two or more people own & run a business
refinery
a place where oil is cleaned & turned into other products
competition
when two or more businesses try to sell similar products or services to the same people
economic
having to do with money or financial matters
natural resources
materials found in nature that can be used by people (such as oil, coal, iron, & water)
capitalism
economic system that allows people to own businesses & keep the money those businesses earn
corporation
a company that can raise large amounts of money by selling shares
capital
money used to earn more money
free enterprise
an economic system that allows people to own businesses, and for those businesses to operate free from government rules
shares
one of the equal parts of ownership into which a business is divided
trust
this is formed when a group of companies join together under the same leadership so that they can control an industry
Industrial Revolution
a change from making products by hand at home to making them by machines in factories
laissez-faire
the idea that government should try not to control business
monopoly
when one company controls an entire industry
textile mill
factory where machines spin thread and make cloth