| A | B |
|---|
| Laissez-Faire | Means "hands off," idea that the government should stay out of the interests of business. |
| Trust | A monopoly is also known as this. |
| Merger | When to or more companies join to form one. |
| Eliminate competition, gain customers, gain infrastructure, own a complementary good. | Reasons companies merge: |
| Sherman Act, Clayton Act | Two laws that attempted to prevent monopolies and preserve competition. |
| Public Utilities | A monopoly that is allowed because its prices are regulated by the government (example: electricity, water) |
| Conglomerate | A business that has many entitites and supplies a large variety of products. May become too powerful. |
| Deregulation | Idea that the government should reduce how much thy control the actions of companies. |
| Labor Unions | Groups of workers who use threat of strike to improve working conditions and pay. |
| Collective Bargaining | When a group of workers negotiate with employers to improve working conditions because they act as a whole. |
| Strike | Labor union method where workers agree to walk off the job. This is the |
| Picketing | When workers on a strike use signs to spread their message about an employer's working conditions. Usually on public property near the employer. |
| Sit-Downs | Form of civil disobedience where workers sit don on the job and refuse to work. |
| Slowdowns | When workers protest an employer's working conditions by purposely doing their jobs slow, affecting production. |
| Injunction | Employer method of using a court order to end a strike or force people back to work. |
| Blacklist | Employer method of punishing strikers by telling other employers not to hire the employee. |
| Lockout | Employer method of not allowing workers back until their conditions are met. Like an employer strike. |
| National Labor Relations Board | Independent Government Agency for maintaining relations between employers and workers. |
| Closed Shop | Banned union method of forcing employers to only hire union members. |
| Featherbedding | Banned union method of forcing employers to hire more people than they need. |
| Right to Work Laws | State laws that limit the power of Unions to recruit members. |
| Mediation | 3rd party negotiation where both sides are under no obligation to follow the decision of the third party. |
| Arbitration | Third party negotiation where both sides agree to follow the decision of the third party. |
