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Chapter 3 Vocab
Term | Definition |
---|---|
Gross National Product (GNP) | The amount and value of product a country produces. |
Laissez-Faire | Policy where gov't has no to little part in national economy |
Entrepreneur | Someone who is responsible for organizing, managing and assuming economical risks. |
Time Zone | Region where same time is kept. |
Land Grant | A grant of land offered by the gov't for roads, RRs, and collages |
Corporation | An organization allowed to do an activity as if it was a single person. |
Economies of Scale | Reduction of cost if the supply is high enough. |
Monopoly | Total control of a type of industry run by one person or company. |
Holding Company | A company entirely dedicated to controlling stocks. |
Trust | A combination of companies under legal agreement. |
Deflation | A rise in the power of money. |
Industrial Union | United workers under the same company. |
Lockout | A way to stop union demands by not allowing them to work. |
Arbitration | Settling a dispute by agreeing on the decision of an impartial outsider. |
Injunction | A court order that requires someone to do or not to do a specific act. |
Closed Shop | Agreement that only hires union members. |