Business and Economics Flashcard

Front

What is a corporation?

Back

A large company or group of companies authorized to act as a single entity.

Front

Who is an entrepreneur?

Back

A person who starts and runs a business, taking on financial risks.

Front

What was the Gilded Age?

Back

A time of rapid economic growth and industrialization in the late 19th century

Front

What does it mean to invest?

Back

To allocate money in the expectation of some benefit in the future

Front

What is a labor union?

Back

An organization of workers formed to protect their rights and interests

Front

What does laissez-faire refer to?

Back

A policy of minimal governmental interference in the economic affairs of individuals and society

Front

What is the term for a person who assembles and organizes the resources necessary to produce goods and services, and is willing to take risks in starting and managing a business?

Back

Entrepreneur

Front

What is a business that is owned by many investors called?

Back

Corporation

Front

What does it mean to give money to a company or bank, or to buy something, in order to make a profit later?

Back

Investing

Front

What period in American history from the late 1870s to the early 1900s was marked by rapid industrialization, economic growth, and wealth creation, but also by extreme poverty and exploitation of the working class?

Back

The Gilded Age