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Term | Definition |
---|---|
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. |