Topic 2 Vocab Review

Entrepreneur

• Someone who works for a large corporation.
• A person who only invests in stocks.
• An individual who manages a team of employees.
• A person who starts and runs a business.

Free Enterprise

• An economic system with complete government control.
• Economic system of private ownership and minimal government intervention.

• A system where all businesses are owned by the state.
• An economic model that prohibits private ownership.

Laissez-Faire

• Laissez-faire is an economic system where transactions between private parties are free from government intervention.
• Laissez-faire is an economic system where transactions between public parties are controlled by the government.

• Laissez-faire is an economic system where transactions between private parties are subject to government intervention.

• Laissez-faire is irrelevant to U.S. economics, it only applies to French politics.

Patent

• A type of trademark for brands.
• A method of copyrighting artistic works.
• A legal right granted to an inventor.
• A financial investment in technology.

Bessemer Process

• A technique for refining gold from ore.
• A method for producing steel from iron.
• A process for making aluminum from bauxite.
• A method for producing glass from sand.

Mass Production

• Mass production is a method that focuses on producing small batches of goods.
• Mass production is only used for custom-made items.
• Mass production is a manufacturing process that produces large quantities of standardized products.
• Mass production refers to the process of creating unique, handcrafted products.

Corporation

• A corporation is a type of partnership.
• A corporation is owned by a single individual.
• A corporation is a temporary business structure.
• A business that is a legal entity that is separate from its owners.

Monopoly

• A market structure with multiple sellers competing for customers.
• A board game

• A market dominated by a few large companies controlling the supply.
• A market structure with a single seller controlling the supply of a product.

Cartel

• A cartel is a single company controlling a market.
• A cartel is an informal agreement among friends.
• A cartel is an agreement among competing firms to control prices or limit production.
• A cartel is a type of government regulation.

Horizontal integration

• A method to diversify product lines by entering new markets.
• A business strategy to increase market share by acquiring or merging with competitors.
• A strategy to reduce costs by outsourcing production.
• A technique for improving employee productivity through training.