histor

who gained control of r r industry

C Vanderbilt

Diff between revenue that a business generates from its goods or service and cost of producing those goods and service

profit

Choosing to buy one thing instead of another due to money limitations

opportunity cost

turning resoures which can be replaced after being consumed

renewable resources

someone who purchases something for their use

consumer

what affected the auto industry because cars could be made quicker and chaeaper

assembly line

what did the early labor unions try to end

child labor, long work days, and low wages

the growth of the r r benefited what

steel, lumber, and coal industry

what were dangerous and unclean places

factories

what improved communications

telephone

what did the r r industry do to make small rr co go out of business

gave discounts to bigger customers

a lot of people hated what

monopolies because larger companies reduced competion

in the labor strikes of the 1800,s who did the government support

factory owners

turning rescorses into services and products is called what

producing

machines and tools used in producing are known as

capital

what occurs when someone trades a valuable good for another item of value

barter

a ______ is a manufacturing process that uses standardized parts for mass production of goods

assembly line

a guaranteed hourly wage is called

minimum wage