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Market System -A system by which a nation uses its resources to satisfy its demands for commodity or services.
Exchange - A system of money used to purchase goods and services.
Supply and demand - As the total demand for something increases or decreases, total production also will increase or decrease.
Capital Goods - Goods are man-made resources that are used in the production of other goods, such as; factories, buildings,
machines,computers, and so on.
Competition - Economic rivalry among sellers for the consumer's dollars.
Goods and services - Products and services that the consumer demands.
Price - To regulate supply and demand a price is decided.
Profit, in business, the monetary difference between the cost of producing and marketing goods or services and the price
subsequently received for those goods or services.
Private Property - Property which is not public. Private ownership is by individual, group of individuals, or corporation.
American Labor Movement
During the depression Labor unions got stronger. In 1937 workers at the General Motors plant in Michigan had a sit down strike.
They occupied the plant and refused to work until management agreed to negotiate their demands. It took 44 days but finally
the strikers won.
Three Labor movement leaders were;
John L. Lewis head of the United Mine Workers
A. Phillip Randolph organized black railroad and elevator workers
Chavez organized farm workers.
The Great Depression
There were many factors all together that caused the depression. First there was the stock market crash of 1929. An unbalanced
economy also contributed. Many Americans were laid off and wages were cut. Many banks closed because of huge losses in a
stock market crash.
Major Inventions
Alexander G. Bell-Invented the telephone which greatly changed communications. People could now speak to each other instantly.
Thomas A. Edison-Invented the electric light, the phonograph, and the motion
picture camera. The lightbulb illuminated our homes and eliminated candles.
Garrett Morgan-Invented the three-way automatic stop light and the gas mask. This revolutionized the way cars behaved
in traffic and improved safety on the roads. Garrett MorganAs well as protect our soldiers in war from chemical exposure.
Jean Joseph Etíenne Lenoir-Invented the internal-combustion engine used in cars. This changed transportation tremendously.
The Lenoir engine
Michael I. Pupin-Invented the X-ray radiation. This transformed the medical field.
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