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US History Chapter 3

TermDefinition
gross national product the total value of all goods and services that a country produces during a year
laissez-faire a policy that government should interfere as little as possible in the nation's 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 an organization that is authorized by law to carry on an activity but treated as though it were a single person
economies of scale the reduction in the cost of a good brought about especially by increased production at a given facility
monopoly total control of a type of industry by one person or one company
trust a combination of firms or corporations formed by a legal agreement, especially to reduce competition
holding company a company whose primary business is owning a controlling share of stock in other companies
deflation a decline in the volume of available money or credit that results in lower prices, and therefore increases the buying power of money
industrial union an organization of common laborers and craft workers in a particular industry
lockout a company tool to fight union demands by refusing to allow employees to enters its facilities to work
arbitration settling a dispute by agreeing to accept the decision of an impartial outsider
injunction a court order whereby one is required to do or to refrain from doing a specified act
closed shop an agreement in which a company agrees to hire only union members
Created by: morganmont