Chapter 12 Vocab Flashcards
(47 cards)
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
the act or process of being given out of disbursed to clients, customers, or members of a group.
Distribution
a person who buys what is produced by an economy
Consumer
a decline in the volume of available money or credit that results in lower prices, and therefore, increases the buying power of money
Deflation
an organization of workers with the same trade or skill
Trade Union
an organization of common laborers and craft workers in a particular industry.
Industrial Union
a list of prsons who are disapproved of or who are to be punished or boycotted
Blacklist
