| A | B |
|---|
| corporation | a business owned by stockholders and run by a board of directors |
| stock certificate | a document that shows ownership in a corporation; aka shares |
| stockholder | person who owns part of a company by buying shares |
| partnership | business organization of 2 or more persons who share the companies profits and losses |
| smelt | to heat ore to remove impurities |
| black gold | oil; petroleum |
| speculator | person who makes a risky investment hoping for a large profit |
| entrepreneur | person who develops a business |
| vertical integration | process by which a company buys up its suppliers |
| horizontal integration | process by which a company buys or merges with its competitors |
| fixed costs | regular expenses involved in running a business |
| monopoly | a company that controls the prices and wages of a product and has no competition |
| pool | agreement between businesses to charge the same rates and share available markets |
| trust | company seeking to fix prices and reduce or eliminate competition |
| specialization | division of labor in which each person does one specific part of the manufacturing process |
| labor union | organization of workers formed to serve members interests in wages and working conditions |
| bread-and-butter issues | concerns of labor unions to primarily improve wages and working conditions |
| collective bargaining | union officials represent workers in negotiating workers' demands |
| lockout | refusal by a business to allow union workers to work |
| yellow-dog contract | a written agreement by a worker not to join a union |
| blacklist | names of union members who were undesirable employees |
| tenement | building in which several families live crowded together and often unsanitary and unsafe |
| scab | nonunion worker brought in to replace strikers; aka strikebreaker |
| holding company | company whose sole purpose is to buy stock of other companies |
| laissez-faire | economic policy that opposes government intervention in commerce |
| baron | someone who finances and profits greatly from a new business |
| limited liability | an investor who can only lose the money he has invested in the company |
| free enterprise | economic system in which business operates with no government controls |
| sweatshop | factories in which workers toil in poor working conditions for low wages |
