Unit 2 vocab practice flashcards

Front

Entrepreneurs

Back

Individuals who start and run businesses, taking on financial risks in the hope of profit.

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Laissez-faire

Back

An economic policy of letting owners of industry and business operate without government interference.

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Protective tariffs

Back

Taxes on imported goods designed to protect domestic industries.

Front

Patent

Back

A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.

Front

Bessemer Process

Back

A steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort.

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Time zones

Back

Regions of the globe that observe a uniform standard time for legal, commercial, and social purposes.

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Mass production

Back

The manufacture of large quantities of standardized products, frequently utilizing assembly line technology.

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Cash crop

Back

A crop produced for its commercial value rather than for use by the grower.

Front

Free enterprise

Back

An economic system in which private business operates in competition and largely free of state control.

Front

Social Darwinism

Back

The theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals.