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Vocab Ch. 3

U.S. History Vocab 1 words

Gross National Product (GNP) The total value of all goods and services that a country produces during a year
Laissez-Faire A policy or attitude of letting things take their own course; without the govt. interfering
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 govt., especially for railroads
Corporation An organization that is authorized by law to carry on an activity but treated as though it were a single person
Economics of Scale The reduction of 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
Holding Company A company whose primary business is owning a controlling share of stock in other companies
Trust A combination of firms or corporations formed by a legal agreement, especially to reduce competition
Deflation A decline in the volume of available money or credit that results in lower prices, and threfore 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 enter its facilities to work
Arbitration Selling 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: frazier3k