unit 1

Question 1

Economics

Answer 1

the study of how people interact with each other and with their natural surroundings, and how this changes over time

Question 2

industrial revolution

Answer 2

a wave of technological advances and organizational change

Question 3

technology

Answer 3

the description of a process using a set of materials and other inputs including the work of people and machines to produce an output.

Question 4

economic system

Answer 4

a way of organizing the economy that is distinctive in its basic institutions

Question 5

Capitalism

Answer 5

economic system where the main form of economic organisation is the firm. in which private owners hire people to goods in order to be sold to the market to gain profit

Question 6

Institutions

Answer 6

the laws and informal rules that regulate social interactions among people

Question 7

Private property

Answer 7

something that a person owns and can have the right to exclude people from it

Question 8

Markets

Answer 8

a way that people exchange goods and services by means of transfer

Question 9

firms

Answer 9

Economic organization in which private owners of capital goods hire and direct labour to produce goods and services for sale on markets to make a profit.

Question 10

capitalist revolution

Answer 10

Rapid improvements in technology combined with the emergence of a new economic system.

Question 11

democracy

Answer 11

A political system, that ideally gives equal political power to all citizens, defined by individual rights such as freedom of speech, assembly, and the press;