Unit 2 Vocab - American Studies

Front 1

entrepreneur

Back 1

person who invests money in a product or business with the goal of making a profit.

Front 2

tariff

Back 2

official list or table showing the duties or customs imposed by a government on imports or exports.

Front 3

Laissez-Faire

Back 3

lenient, as in the absence of government control over private businesses.

Front 4

patent

Back 4

official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of times.

Front 5

corporation

Back 5

company recognized as a legal unit that has rights and liabilities separate from each of its members.

Front 6

monopoly

Back 6

control over one company over an entire industry

Front 7

cartel

Back 7

association of producers of a good or service that prices and controls stocks in order to monopolize the market.

Front 8

trust (in business)

Back 8

group of separate companies that are placed under the control of a single managing board in order to form a monopoly

Front 9

horiztonal integration

Back 9

system of consolidating many firms in the same business.

Front 10

vertical integration

Back 10

system of consolidating firms involved in all steps of a product’s manufacture.

Front 11

social darwinism

Back 11

belief held by some in the late nineteenth century that certain races and nations were superior to others and therefore destined to rule over them

Front 12

restraint

Back 12

to hold back

Front 13

squalor

Back 13

to decay

Front 14

benign

Back 14

favorable

Front 15

evade

Back 15

to escape