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Chapter 3 Vocab
Rise of Industry
| Term | Definition |
|---|---|
| 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
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