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Industrialization
Vocabulary due 8/21
Term | Definition |
---|---|
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 |