Term | Definition |
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 nations economy |
entrepreneur | one who organizes, manages, and assumes the risks of a business or enterprise |
time 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 | a organization that is authorized by law to carry on an activity but treated as one person |
economies of scale | the lowering of cost for goods brought in especially for high production at given factory |
monopoly | total control of an industry by one person/company |
trust | a combo of firms formed by a legal agreement, mostly to reduce competition |
holding companies | a company whose primary business is owning a controlling share of stock in other companies |
deflation | a rise in the value of money due to the decline of availability to it |
industrial union | an organization that joined laborers and craft workers in a particular industry together |
lockout | a company tool to fight union demands by refusing to allow employees to enter its work facilities |
arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
injunction | a court order that refrains someone from doing a certain act |
closed shop | an agreement in which companies agree to only hire union members |