Industrialization: The process by which an economy moves from primarily agrarian to manufacturing and industrial activities. It's like upgrading from a basic sword to a powerful magic weapon in our video game analogy.
Capitalism: An economic system where private entities own the factors of production and operate for profit. It's like choosing to play on "free market" mode in our video game, where players can trade freely with each other.
Inflation: The rate at which the general level of prices for goods and services is rising, reducing purchasing power. In our video game analogy, it would be like needing more gold coins to buy the same equipment or items over time.