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22 Cards in this Set
- Front
- Back
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Gross national product
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total value of goods and services produced by a country in a year
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laissez-faire
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policy that government should not interfere in the economy
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entrepreneur
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person who takes business risks for profit
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time zones
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region that keeps the same standard time
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land grants
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free land given to railroads
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corporation
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organization owned by many people
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economies of scale
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reduction in cost of a good brought about by increased size of a production facility
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fixed costs
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costs a company pays whether or not it is operating
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operating costs
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costs that occur while running a company
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pool
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group sharing in some activity
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vertical integration
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combining companies that supply equipment and services for a particular industry
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horizontal integration
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combination of firms or corporations formed by legal agreement, especially to reduce competition
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holding company
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company whose primary business is owning a controlling share stock in other companies
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trust
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combining competing firms into one corporation
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monopoly
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total control of an industry by a person or company
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deflation
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rise in value of money that results in lower prices
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trade union
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an organization of workers with the same skills
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industrial union
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organization of common laborers in a particular industry
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lockout
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a company tool to fight union demands by residing to allow employees to enter its facilities
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Marxism
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theory of specialism that advocates a classes society
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arbitration
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letting an impartial outsider settle a dispute
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closed shop
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a company that agrees to hire only union members
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