Boom
A phase of the business cycle characterized by high levels
of output and some upward pressure on the general price level.
Boom conditions encourage the private sector to increase investment
because of growing opportunities to sell goods and services.
Capital
Equipment, structures, and other long-lived inputs that are
used by workers to produce goods and services. Capital is the
result of investment. Capital is distinguished from intermediate
inputs, which are used up in the course of production. The collective
value of all equipment, structures, and other capital is referred
to as capital stock.
Corset
Close-fitting undergarment worn by women to give them support
or a desired figure to the body from the hips to the breast.
Emancipation
Setting free from the power of another &##8212; for example,
from slavery, dependence, or tyranny.
Entrepreneur
Person who owns, operates, and takes the risk of starting a
business venture.
High-Wheel Bicycle
The first all-metal bicycle. It came on the market in 1871 and
cost an average worker six months&##8217; pay. The pedals were
still attached directly to the front wheel. Riders could buy
a wheel as large as their leg length; the bigger the wheel,
the farther one could go with one rotation.
Interchangeable part
Part of a machine that is capable of being replaced with a similar
or standardized part.
Product
Anything produced by human or mechanical effort or by a natural
process.
Market
A place/mechanism allowing consumers and producers to meet to
exchange goods and services.
Mass production
Using standardized designs and assembly-line techniques to manufacture
goods in large quantities.
Recession
The contracting phase of the business cycle, when output declines
and unemployment increases.
Retool
To alter the production capabilities of a factory &##8212; for
example, by installing a new set of machinery and tools for
making a different product.
Services
Products that people buy that are not tangible &##8212; for example,
the cutting of hair by a hairdresser, the delivery of food in
a full-service restaurant, the preparation of papers and document
by a lawyer, the care provided a doctor or nurse.
Union Soldier
A member of the Union Army during the American Civil War.
Velocipede
An early bicycle having pedals attached to the front wheels.
The rigidity of the frame and the iron-banded wheels resulted
in a bone-shaking experience for riders on the cobblestone streets
of the day, earning it the name of "boneshaker."
