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chapter 3
US History
| Term | Definition |
|---|---|
| 1 gross national product | The total value of all goods and services that country produces during a year |
| 2 laissez faire | Economics helped the country industrialize |
| 3 entrepreneur | People who risk their capital to organize and run businesss |
| 4 time zones | A geographic region in which the same standard time is kept |
| 5 land grant | A grant of land by federal government especially for roads railroad or agricultural |
| 6 corporation | An organization owned by many people but treated by law as though it was a person |
| 7 economies of scale | The reduction in the cost of good brought about especially by increased production at given facility |
| 8 monopoly | Total control of a type of industry by one person or one company |
| 9 trust | A combination of firms or corporations formed by a legal agreement especially to reduce competition |
| 10 deflation | a decline in the volume of aviavble money or creditthat results in lower prices and therefore increases the buying power of money |
| 11 industrial union | an organization of common laborers and craft workers in particular industary |
| 12 lockouts | a company tool to fight union demands by refusing to allow employees to enter its facilities to work |
| 13 arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
| 14 injuction | a court order whereby one is required to do or to refrain from doing a specified act |
| 15 closed shop | an agreement in which a company agrees to hire only union members |
Created by:
stacyharden74
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