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American History 9

Vocabo for American History chapter 9

Term Defintition
Gross Domestic Product (GDP) Total value of all goods and services produced by a country.
Edwin Drake Drilled first oil well in Titusville, Pennsylvania.
Laissez-faire Let do, supporters believed government should not interfere with the economy other than to protect private property rights and maintain peace.
Entrepreneurs People who risk their capital in organizing and running a business.
Morrill Tariff Reversing years of declining tariffs.
Alexander Graham Bell Inventor, he invented the telephone.
Thomas Alva Edison Most famous inventor of the late 1800's.
Pacific Railway Act provided construction of a trans continental railroad by two corporations, union pacific and central pacific railroad companies, signed by president Lincoln.
Leland Stanford Part of the "big four", became governor of California, a united states senator and founded Stanford university in 1885
Cornelius Vanderbilt a former boat captain who had built the largest steamboat fleet in America.
Land grants To encourage railroad construction the federal government gave them out.
James J. Hill Built and operated the Great Northern Railroad.
Credit Mobilier a construction company set up by several stock holders of the union pacific, including Oakes Ames, a member of congress.
Coporation an organization owned by many people but treated by law as though it were a single person.
Stock Holders People who own the corporation.
Stock Shares of ownership.
Economies of Scale corporations make goods more cheaply because they produce so much so quickly using large manufacturing facilities.
Fixed costs costs a company has to pay whether or not it’s operating
Operating costs costs that occur when running a company such as paying wages and shipping charges and buying raw materials and other supplies.
Pools agreements to maintain prices at a certain level
Bessemer process quickly producing steel
Vertical integration were a company owned all the other businesses that it depends on for its operation
Created by: its.ashley.time