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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