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Chapter 3 vocabulary

TermDefinition
gross national product the total value of goods and services produced by a country during a year.
Laissez-faire a policy that government should interfere as little as possible in the nation's economy.
Entrepreneur one who organizes manages and assumes the risks of a business or enterprise.
time zontime zone a geographic region in which the same standard time is kept
Land grant a grant of land by the federal government especially for roads railroads or agricultural colleges.
Corporation an organization that is authorized by law to carry on an activity or treated as though it were a single person
Economies of scale the reduction in the cost of a good brought about especially by increase production at a given facility
Monopoly total control of a type of industry by one person or one company
Trust a combination of firms or corporations formed by a legal agreement especially to reduce competition
Holding Company a company whose primary business is owning controlling share of stock in other companies
deflation a decline in the volume of available money or credit that results in the low prices and therefore increases the power of money
industrial union an organization of common laborers and craft workers in a particular industry
Lockout a company tool to fight union demands by refusing to allow employeesemployees to enter its facilities to work.
arbitration Settling a dispute by agreeing to accept the decision of an impartial outsider.
Injuctio a court order whereby one is required to do or to refrain from doing a specified act
Closed shop An agreement in which a company agrees to hire only union members
Created by: martarut123