| Question | Answer |
| Inventor of the telephone | Alexander Graham Bell
|
Inventor of the electric light bulb | Thomas Edison
| Inventor of the airplane | Wright Brothers
| Had a monopoly on the oil industry | John Rockefeller
| Had a monopoly on the steel industry | Andrew Carnegie
| Had a monopoly on the railroad industry | JP Morgan
| Used the assembly line to mass produce automobiles | Henry Ford
| Taught black farmers how to raise better crops | George Washington Carver
| Person who starts a business hoping to make a profit | entrepreneur
| To have complete control of an industry | monopoly
| Method of production in which a product rolls past the workers and each does a specialized job | assembly line
| Time in history in which new inventions led to new industries | Industrial Revolution
| Good that one country buys from another | import
| People who work | human resources
| Person who buys and uses good and services | consumer
| Money, tools and machines used to produce goods | capital resources
| Economic system in which people are free to start their own businesses and own property | free enterprise
| To do one job well | specialization
| Resources found in nature | natural resources
| Value of what must be given up | opportunity cost
| People who make goods | producers
| When a product is easy to get | surplus
| Amount of product available to buy | supply
| Good that one country sells to another | export
| Things people do for others | services
| Amount of product that people are willing to buy | demand
| Total amount of things a group of people can make | productive capacity
| Items people make and use | goods
| Person who buys goods or services | consumer |
