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32 Terms

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Economy
The wealth and resources of a nation and how they are managed.
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Free Enterprise/Market Economy
An economy in which individuals have the right to own businesses and make money with little government interference.
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Entrepreneur
A risk-taking business person.
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Capital
The equipment, factories, or money used to produce goods or services.
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Profit
To make money.
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Agribusiness
Farm-related businesses such as crops and cattle.
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Petroleum Industry
The production and distribution of oil and natural gas.
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Supply and Demand
When supply of a product goes up, the price goes down and demand for the product can rise because it costs less.
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Boom/Bust Cycle
A cycle of intense highs and lows in an economy.
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Diversification
Increasing the variety of products.
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Petrochemicals
Chemicals or products made from petroleum such as rubber, synthetic fibers, plastics, and cosmetics.
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Land Grants
Land given by the government to promote economic development, such as railroad growth.
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Hogg's Regulation
James Hogg's efforts to end corruption in the railroad industry and implement fair practices.
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Texas Railroad Commission
The agency that sets rates for railroads and oversees their operations to ensure fairness.
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Spindletop
A hill near Beaumont, Texas, known for being the location of the first major oil discovery in 1901.
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Boomtown
A town that experiences sudden growth in population and business.
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Positive Consequences of Oil Discovery
Population growth, economic enhancement, improved workers' rights, and expansion of transportation infrastructure.
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Negative Consequences of Oil Discovery
Lawlessness, infrastructure strain, and social issues such as crime and disease.
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Federalism
The sharing of powers between the state and national government.
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Checks and Balances
The system that ensures that no one branch of government becomes too powerful.
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Separation of Powers
The division of government responsibilities into distinct branches.
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Legislative Branch
The branch of government that makes laws.
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Executive Branch
The branch of government that carries out laws.
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Judicial Branch
The branch of government that interprets laws.
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Republicanism
A philosophy of limited government in which elected representatives serve the will of the people.
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Individual Rights
Basic liberties and rights guaranteed in the first 10 amendments of the Constitution.
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Antitrust Laws
Laws aimed at preventing monopolies and promoting competition.
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Economic Growth
An increase in the production of goods and services in a country.
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Worker’s Compensation
A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment.
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Capitalism
An economic system based on private ownership and the free market.
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Market Expansion
The growth of a market or economy through increased production and consumer base.
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Resource Management
The efficient and effective deployment and allocation of an organization's resources when they are needed.