Unit 2 Vocab - American Studies

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entrepreneur	person who invests money in a product or business with the goal of making a profit.
tariff	official list or table showing the duties or customs imposed by a government on imports or exports.
Laissez-Faire	lenient, as in the absence of government control over private businesses.
patent	official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of times.
corporation	company recognized as a legal unit that has rights and liabilities separate from each of its members.
monopoly	control over one company over an entire industry
cartel	association of producers of a good or service that prices and controls stocks in order to monopolize the market.
trust (in business)	group of separate companies that are placed under the control of a single managing board in order to form a monopoly
horiztonal integration	system of consolidating many firms in the same business.
vertical integration	system of consolidating firms involved in all steps of a product’s manufacture.
social darwinism	belief held by some in the late nineteenth century that certain races and nations were superior to others and therefore destined to rule over them
restraint	to hold back
squalor	to decay
benign	favorable
evade	to escape

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