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 nation"s economy |
entrepreneur | one who organizes, manages, and assumes the risks of a business or enterprise |
land grant | a grant of land by the federal government, especially for roads, railroads, or agricultural colleges |
corporation | an organization that is authorized to carry on an activity, treated as a single person |
economies of scale | the reduction in cost of a good |
monopoly | total control of a type of industry by one person or company |
holding company | a company whose main objective is owning stock in other companies |
trust | a combination of firms or corporations formed by a legal agreement |
deflation | a decline in the volume of available money resulting in lower prices and higher buying 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 employees to enter its facilities to work. |
arbitration | settling a dispute by accepting the judgement of a neutral party. |
injunction | a court order whereby one is required to do or to refrain form doing a certain act |
closed shop | an agreement in which a company agrees to hire only union members |
horizontal integration | combining of many firms engaged in the same type of business into a corporation |
vertical integration | combining of companies that supply equipment and services needed for a particular industry |