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29 Cards in this Set

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  • Back
lockout
the witholding of work from employees and closing down of a workplace by an employer during a labor dispute
philanthropy
effort to increase the well-being of humankind, as by charitable as by charitable aid or donations
merger
the union of two or more commercial interests or sorporations
acquisition
the purchase of an asset such as a plant/division or company.
horizontal consolidation
the process whereby companies producing similar products merge
arbitration
the process by which disputing parites submit their differences to the judgment of an impartial person or group appointed by mutal consent. (ref.)
foreclosure
the legal proceedings initiated by creditor/bank to repossess the property for a loan that is in default
labor
the human component of the facters of production
capitalism
the economic system based on private initiative, comp./profil/private ownership..
industrial revolution
the change in social and economic organization that result from the replacement of hand tools with machines
social darwinism
"survival of the fittest"
industrialization
process by which a nation begins to develop large industries
laissez faire
noninterference, minimized regulation
collective bargaining
negotiations b/w the rep. of workers and employers to reach agreement on wages/benefits/hours…etc
scarcity
shortage
socialism
economic and political system based on the public ownership of the means by which goods and services are produce..
factors of production
collection of various resources which contribute to producing goods of more weath
capital
cash or material wealth used or available for use in the production of more wealth
labor union
organization of wages earners formed for the purpose of serving the members' interests with respect to wages and working conditions
inflation
increase in prices or decline in purchasing power caused by an increase in the supply of money
mortgage
plegde of specific property as sercurity for a loan
scab
person who works while others are on strike
deflation
persistant decrease in the level of consumber prices or a persistent increase in the purchasing power of money b/c of a reduction in the money supply
trust
method of consolidating competing companys, in which participants turn their stock over to a board of trusees
conglomerate
major corporation that owns a number of smaller companies in unrelate business.
blacklist
list of persons or organizations that have incurred disapproval or suspicion or are to be boycotted
holding company
corporation formed to buy up the stock of other companies and thus creates a monopole
monopoly
complete control over an industry
vertical intergration
company's taking over its suppliers and distributors to gain total control over the quality and cost