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Laissez-Faire Economics

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Economic system in which the government does not intervene in business practices

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Vertical Integration

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A business practice in which a single manufacturer controls all of the steps used to change raw materials into finished products.

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Horizontal Integration

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A business practice in which a company takes over all of its competitors.

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Social Darwinism

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Theory that claims the best people in society are the ones who rise to the top

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Labor Union

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An organization of workers that tries to improve working conditions, wages, and benefits for its members

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Strike

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An organized work stoppage intended to force an employer to address union demands

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Lockout

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A company tool to fight union demands by refusing to allow employees to enter its facilities to work

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Blacklist

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A list privately exchanged among employers, containing the names of persons to be barred from employment.

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Push Factor

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A factor that causes people to leave their homelands and migrate to another region

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Pull Factor

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Factors that induce people to move to a new location