| A | B |
|---|
| laissez faire | govt stays out of the conomy as much as possible |
| capitalism | economic system based on a free market, open competition, profit motive, and private ownership of the means of production. |
| socialism | the govt controls the means of production and distribution in the economy. it is often used to bring equality to society, but rarely succeeds in practice |
| corporation | a busines organization where there are many owners, each holding stock in that company |
| trust | stock holders create a giant firm by giving stock from individual corporations. there is one boad of directors for lots of related companies. |
| monopoly | a company that completely controls the market of a particular industry... can often be achieved by using both vertical and horizontal integration techniques |
| industry | a business that provides a certain product.. often refers to the manufacturing of something. |
| consumer | people who buy or use products |
| economy | how we take limited resources and divide them among a poopulation |
| rebate | secret discount to biggest customers |
| pool | secret agreements made by railroad barons, among themselves |
| vertical integreation | when one corporation controls the entire process of the manufacturing, production, & distributino of a product. |
| horizontal integratoin | own every single stop completely |
