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Vocabulary due 8/21

1. Gross national product A country's produced goods and services' value
2. Laissez-faire The U.S government's policy to interfere less with business and economy
3. Entrepreneur A person who invest in industries and willingly risk their money/capital by doing so
4. Time zone An area with the same standard time. Were made for more reliable RR scheduling and safer travelling
5. Land grant The federal government gave land to companies for RR's
6. Corporation An organization that several people owned, which law treated as if it was one person only
7. Economies of scale Prices decrease because producing goods gets easier
8. Monopoly A single company has total control of a specific type of industry
9. Holding company Owns other companies' produced goods
10. Trust One person is allowed to maintain another person's property
11. Deflation Prices decrease, value of money increases
12. Industrial union A particular industry's workers unite
13. Lockout Industrial unions were broken up by companies and workers were refused to enter the work facilities
14. Arbitration A third party's decision is accepted
15. Injuction A person is demanded by the court to do/resist doing a specific act
16. Closed shop An agreement where union members were the only ones to be hired
Created by: LotteBenschop