Social Studies Terms

Efficiency

ratio between the amount of work completed versus the amount of energy expended to get the job done

Ruthlessness

without remorse, pity, or compassion

Freight

goods that are transported in bulk (by truck, train, plane, or ship)

Exclusivity

not allowing something else, limited, hard to access

Destiny

events that will necessarily have to happen in the future

Integrity

state of being honest; having high moral principles

Bankruptcy

 being unable to pay back the debts one owes to creditors

Commerce

buying and selling goods on a large scale

Philanthropy

desire to improve the wellbeing of others; donating time or money to charitable causes

Unionization

 to collectively form a group in order to improve a bargaining position

Anarchy

a state of disorder due to lack of (or denial of) law and order

Lawsuit

 a claim or dispute brought before a court for adjudication

Competition

 struggle between two entities for supremacy

Risk

engaging in behaviors that could result in something positive or negative

Invention

 process of creating something new

Investment

putting resources into something that one believes will improve in value sometime in the future

Consolidation

combine two or more things into one big thing so that it is easier to manage

Liquidation

when a business is no longer solvent; selling off assets to pay debts

Monopoly

exclusive control of one stage of production in an industry, or the control of all the resources necessary for production to be completed

Mentor/Protege

 teacher and student relationship; master and apprentice; taking someone under your tutelage to instruct them on how to achieve mastery