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Chapter 3 Vocab

TermDefinition
Gross National Product (GNP) The amount and value of product a country produces.
Laissez-Faire Policy where gov't has no to little part in national economy
Entrepreneur Someone who is responsible for organizing, managing and assuming economical risks.
Time Zone Region where same time is kept.
Land Grant A grant of land offered by the gov't for roads, RRs, and collages
Corporation An organization allowed to do an activity as if it was a single person.
Economies of Scale Reduction of cost if the supply is high enough.
Monopoly Total control of a type of industry run by one person or company.
Holding Company A company entirely dedicated to controlling stocks.
Trust A combination of companies under legal agreement.
Deflation A rise in the power of money.
Industrial Union United workers under the same company.
Lockout A way to stop union demands by not allowing them to work.
Arbitration Settling a dispute by agreeing on the decision of an impartial outsider.
Injunction A court order that requires someone to do or not to do a specific act.
Closed Shop Agreement that only hires union members.
Created by: ThaFates
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