American writer who wrote the classic American success story, from "rags to riches"
Who was Horatio Alger Jr.?
100
All natural resources used to produce goods and services.
Ex. trees, coal, & water
What is the LAND factor of production?
100
the situation where one producer controls supply of a good or service, and where the entry of new producers is prevented or highly restricted.
What is a monopoly?
100
To have a mass refusal of work to gain a particular thing. Ex. pay raise
What is a strike?
200
a general increase in prices and fall in the purchasing value of money
What is inflation?
200
-Big in the steel business
-Philanthropist
-Rags to Riches
-Immigrant
Who was Andrew Carnegie?
200
The effort or action that a person devotes to a task for which that person is paid. Ex- medical aid provided by a doctor
What is the LABOR factor of production?
200
represents the total dollar value of all goods and services produced over a specific time period
What is GDP (Gross Domestic Product)?
200
Employees not being allowed into the workplace until an agreement happens with the management
What is a lockout?
300
the theory explaining the interaction between the supply of a resource and the demand for that resource.
What is the law of supply and demand?
300
-Founded Standard Oil: Exxon Mobil and Chevron
-World’s first billionaire
-Monopolized the entire oil industry
-Philanthropist
Who was John D. Rockefeller?
300
Man-made resource that is used to produce other goods and services. Ex- factory
What is the CAPITAL factor of production?
300
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
What is capitalism?
300
a person used as a replacement worker for an employee on strike
What is a scab?
400
a measure of the total output of a country that takes gross domestic product (GDP) and divides it by the number of people in the country.
What is per capita GDP?
400
describes a group of entrepreneurs, inventors and businessmen in the 1800's who acquired great wealth and success from their endeavors
What is a "Captain of Industry"?
400
People who decide how to combine land, labor and capital resources to create goods
What is ENTREPRENEURIALISM factor of production?
400
a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
What is communism?
400
Management puts out a “list” of people that tried to organize a Union and told other factories not to hire them.
What is the blacklist?
500
relating to legislation preventing or controlling trusts or other monopolies, with the intention of promoting competition in business.
What is anti-trust?
500
a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who used unscrupulous methods to get rich
What is a "Robber Baron" ?
500
land, labor, capital, and entrepreneurship
What are the four factors of production?
500
the belief that economies and businesses function best when there is no interference by the government
What is laissez-faire economics?
500
the negotiation of wages and other conditions of employment by an organized body of employees.