Chapter 12 Vocabulary

1. Philosophy that government should interfere as little as possible in the nation's economy
3. A tactic where management refuses to allow workers into the workplace during a labor dispute
7. A court order that requires a party to do or refrain from doing a specific act
8. A person who takes financial risks to start and manage a new business Philosophy that government should interfere as little as possible in the nation's economy
11. Settling a dispute by agreeing to accept the decision of an impartial third party
12. A grant of public land by the government, especially for railroads or colleges
13. Total control of a type of industry or market by one person or a single company
14. A decline in available money or credit that results in a general drop in price levels
16. To combine or unite separate elements or businesses into a single unified whole
17. An organization of both skilled and unskilled workers within a specific industry

2. The reduction in the cost of a good brought about by an increased scale of production
4. An organization authorized by law to act as a single legal entity separate from its owners
5. A workplace agreement where the employer agrees to hire only union members
6. A person who puts money into a business or project with the expectation of making a profit
9. Total value of all goods and services produced by a nation in a single year
10. A combination of corporations formed by a legal agreement to reduce competition
15. A corporation formed to buy and possess the shares of other companies to control them