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Chapter 3 Vocab
Chapter 3 vocal
| Term | Definition |
|---|---|
| Gross National Products | value of goods and services produced by a country in a year |
| Laissez-Faire | government doesn't interfere with businesses |
| Entrepreneur | someone who organizes, manages, and assumes the risks of a business or enterprise |
| Time Zone | region that keeps the same time |
| Land Grant | grant of land from the federal government |
| Corporation | organization authorized by law to do something; treated as one person |
| Economies of Scale | reduction in cost of goods from increased production |
| Monopoly | one person or company having total control of one type of industry |
| Trust | combination of firms or corporations formed by a legal agreement; they work together to reduce competition |
| Holding Company | company whose primary business is owning a controlling share of stock in other companies |
| Deflation | less available money making prices lower, therefore increasing the buying power of money |
| Industrial Union | organization of common workers from a particular industry |
| Lockout | company fighting the unions by not letting the workers into the facility to work |
| Arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
| Injuction | court order that says someone has to or can't do a specific thiing |
| Closed Shop | when a company agrees to only hire union members |
Created by:
armaynez
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