ACT vocab Flashcards
Silver standard
A currency’s value is based on silver
Scab
a worker who is hired by businesses to replace workers on strike
Monopoly
a company that controls an entire industry’s prices and services
Trust
a combination of several businesses to control an entire industry’s prices
and services
Inflation
the increase in prices of goods and services over time
Labor union
– a group of workers formed to protect workers’ rights and interests
Strike
a refusal by employees to work
Gold standard
a currency’s value is based on gold
Boycott
the refusal to buy or use the services of a business
Picket Line
a form of protest in which workers gather outside of a business with
protest signs
Horizontal integration
the merge of a company with its competitors
Vertical inegration
a company expands into all other phases of production
Laissez-faire
a government does not get involved in businesses
Civil service
the hire of an individual based on their qualifications rather than
looks/age
Collective bargaining
a labor union member negotiates his contract with his
employers to determine the terms of employment
