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Chapter 3 Vocab

Rise of Industry

gross national product the total value of goods and services produced by a country during a year
laissez-faire a policy that government should interfere as little as possible in the nations economy
entrepreneur one who organizes, manages, and assumes the risks of a business or enterprise
time zone a geographic region in which the same standard time is kept
land grant a grant of land by the federal government, especially for roads, railroads, or agricultural colleges
corporation a organization that is authorized by law to carry on an activity but treated as one person
economies of scale the lowering of cost for goods brought in especially for high production at given factory
monopoly total control of an industry by one person/company
trust a combo of firms formed by a legal agreement, mostly to reduce competition
holding companies a company whose primary business is owning a controlling share of stock in other companies
deflation a rise in the value of money due to the decline of availability to it
industrial union an organization that joined laborers and craft workers in a particular industry together
lockout a company tool to fight union demands by refusing to allow employees to enter its work facilities
arbitration settling a dispute by agreeing to accept the decision of an impartial outsider
injunction a court order that refrains someone from doing a certain act
closed shop an agreement in which companies agree to only hire union members
Created by: amkemp