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All terms in this list:

mass production: The process of manufacturing products on a large scale.

union: That which is united, or made one; something formed by a combination or coalition of parts or members; a confederation; a consolidated body; a league.

james watt: A Scottish inventor who improved the Newcomen steam engine

capitalism: a socio-economic system based on private property rights, including the private ownership of resources or capital, with economic decisions made largely through the operation of an unregulated market.

producer: An individual or organization that creates goods and services.

consumer: someone who trades money for goods as an individual.

adam smith: Scottish moral philosopher who was famous for his ideas about the efficiency of the division of labor and the societal benefits of individuals' pursuit of their own self-interest.

free enterprise system: An economic system where few restrictions are placed on business activities and ownership

laissez-faire: abstention by governments from interfering in the workings of the free market

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Definitions from Wiktionary under the GNU FDL.
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