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TermDefinition
1.Gross national product The value of goods and services produced by a country per year.
2.Laissez-Fair A policy in the nation's economy that gov. shouldn't interfere.
3.Entrepreneur A person that manages a business or enterprise.
4.Time zone A geographic region in which the same standard time is kept.
5.Land grant A grant of land by the federal gov. for social needs.
6.Corporation An organization that treated as a single person.
7.Economies of scale The reduction in the cos of a good brought by increasing production in facility.
8.Monopoly Total control of some industry by one person or company.
9.Holding company A company that owns a controlling share of stock in other companies.
10.Trust A combination of firms formed by a legal agreement.
11.Deflation A decline in the volume of available money.
12.Industrial union An organization of common laborers and craft workers.
13.Lockout A company tool to fight union demands.
14.Arbitration Settling a a dispute by agreement to accept the decision of an impartial outsider.
15.Injunction A court order whereby one is required to do or to refrain from doing a specified act.
16.Closed shop An agreement in which a company agrees to hire only union members.
Created by: sofya