runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale.
an economic system in which private business operates in competition and largely free of state control.
Free enterprise
. A duty imposed on imports to raise their price, making them less attractive to consumers and thus protecting domestic industries from foreign competition.
Protective tariffs
a steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort
Bessemer process
the exclusive possession or control of the supply or trade in a commodity or service.
firm belief in the reliability, truth, ability, or strength of someone or something
the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals
Social darwinism
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
a room or a set of rooms forming a separate residence within a house or block of apartments
the international movement of people into a destination country of which they are not natives or where they do not possess citizenship in order to settle or reside there,
act of leaving one's resident country with the intent to settle elsewhere
take in (information, ideas, or culture) and understand fully.
an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Labor union
a refusal to work organized by a body of employees as a form of protest, typically in an attempt to gain a concession or concessions from their employer.
the combination in one company of two or more stages of production normally operated by separate companies
Vertical integration

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