Unit 1 Vocabulary Review

The total value of goods and services produced by a country during a year.

• Laissez-Faire

• Economies of Scale

• Entrepreneurship

• Gross National Product

One who organizes, manages, and assumes the risks of business.

• Holding Company

• Robber Baron

• Entrepreneur

• Corporation

A policy that government should interfere as little as possible in the nation's economy.

• Land Grant

• Laissez-Faire

• Economies of Scale

• Entrepreneur

A grant of land by the federal government, especially for roads, railroads, and agricultural colleges.

• Monopoly

• Corporation

• Land Grant

• Holding Company

An organization that is authorized by law to carry on an activity but treated as though it were a single person.

• Holding Company

• Corporation

• Monopoly

• Economies of Scale

The reduction in the cost of a good brought about especially by the increased production at a given facility.

• Economies of Scale

• Laissez-Faire

• Corporation

• Holding Company

Total control of a type of industry by one person or one company.

• Monoploy

• Holding Company

• Corporation

• Trust

A combination of firms or corporations formed by a legal agreement, especially to reduce competition.

• Trust

• Economy of Scale

• Holding Company

• Monopoly

A company whose primary business is owning a controlling share of stock in other companies

• Trust

• Holding Company

• Monopoly

• Land Grant

One who enters and becomes established in a country other than that of his or her original nationality.

• Immigrant

• Refugee

• Emigrant

• Migrant