Chapter+14

Chapter 14 materials

Laissez- Faire - policy that government should not interfere in the economy Gross national Product - Total value of goods and services produced by a country in a year corporation - Organization owned by many people deflation - rise in the value of money that results in lower prices lockout - a company tool to fight union demands by refusing to allow employees to enter its facilities land grants - free land given to railroads entrepreneur - person who takes business risks for profit time zone - region that keeps the same standard time economies of scale - reduction in cost of a good brought about by increased sixe of a production facility fixed cost - costs a company pays whether or not it is operating operating cost - costs that occure while running a company pool - vertical integration - combining companies that supply equipment and services for a particular industry Horizontal intergratin - combining competing firms into one corporation monopoly - total control of an industry by a person or company trust - combinatin of firms or corporations formed by legal agreement, especially to reduce comptetion holding company - company whose primary business is owning a controlling share of stock in other companies trade union - an organization of workers with the same skills industrial union - organization of common laborers in a particular industry lockout - a company tool to fight union demands by refusing to allow employees to enter its facilities marxism - theory of socialism that advocates a classless society arbitration - letting an impartial outsider settle a dispute closed shop - a company that agrees to hire only union members

Chapter 15 section 1 and 2 notes (power point presentation)