Unit 2 Vocabulary Words (8)

Front

What is the term for a gap or deficiency in a law that enables individuals and organizations to evade the law's stated purpose?

Back

Loophole

Front

Which term describes a person who supports an economic system in which major industries are owned by the government rather than by private businesses?

Back

Socialist

Front

What is the term for a rise in prices and a fall in the purchasing value of money?

Back

Inflation

Front

What is the term for the process of replacing human or animal labor with machine labor?

Back

Mechanization

Front

What is the term for a factory in which employees work for long hours in unsafe conditions for a low wage?

Back

Sweatshop

Front

What is the term for the complete control of the supply of a good or service by one person, country, or company?

Back

Monopoly

Front

What is the term for the act of coming to live permanently in a new country?

Back

Immigration

Front

What is the term for a philosophy that calls for very little or no government involvement in the economy?

Back

Laissez-faire

Front

What is the term for the negotiations of better wages and working conditions by a group, such as a union?

Back

Collective Bargaining

Front

What is the term for the formation and growth of cities?

Back

Urbanization