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15 terms

Economic final/terms part 3

STUDY
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Pickett
Demonstrate or march before a place of business to protest a company's actions
Give Back
Wage, fringe benefit, or work rule given up when renegotiating a contract
GDP
Dollar value of all final goods, services, and structures produced within a country's national borders during a one - year period
Horizontal Merger
Combination of two or more firms pro ducting the same kind of product
Industrial Union
Labor union not affected with the AFL - CIO or the Change to WIn Coalition
Inflation
Rise in the general level of prices
Interest
Payment made for the use of borrowed money; usually paid at periodic intervals for long - term bonds or loans
Inventory
Stocks of goods held in reserve; includes finished good waiting to be sold and raw materials to be used in production
Labor
People with their all abilities and efforts; one of four factors of production does not include the entrepreneur
Laissez - fare
Philosophy that government should not interfere with business activity
Lockout
Management refusal to let employees work until company demands are met
Deficit Spending
Annua government spending in excess of taxes and other revenues
Market Economy
Economy system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy
Merger
Combination of two or more business enterprises to form a single firm
Mixed Economy
Economic system that has some combination of traditional, command, and market economies; also see market modified free enterprise economy