Chapter 12 Vocab Flashcards
the total value of goods and services produced by a country during a year
Gross National Product
policy that government should interefere as little as possible in the nations economy.
Laissez-Faire
one who organizes manges and assumes the risks of a vusiness or enterprise.
Entrepreneur
material used in the production processes, such as money, people, land, food, wood, or steel.
Resources
to do something repeatedly so it becomes the standard
Practice
a geographical region in which the same standard time is kept
Time Zone
a grant of land by the federal government especially for roads, railroads or agricultural colleges.
Land Grant
to combine two previously separate things
Integrate
one who puts money into a compnay in order to gain a future financial reward.
Investor
an organization that is authorized by law to carry on activity but treated as though it were a single person.
Corporation
money or capital invested or available for investment or trading
Stock
the reduction in the cost of a good brought about especially y increased production at a given facility.
Economies of Scale
a group sharing in same activity; for example, among railroad owners who made secret agreements and set rates among themselves
Pool
the combining of companies that supply equipment and services needed for a particular industry
Vertical Integration
combining of amny firms engaged in the same type of business into one corporation
Horizontal Integration
total control of a type of industry by one person or company.
Monopoly
a combination of firms or corporatiosn formed by a legal agreement especailly to reduce competition
Trust
a company whose primary business is owning a controlling share in stock in other companies.
Holding Company
