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Chapter 3 Vocab

Chapter 3 vocal

TermDefinition
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