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Vocab Ch. 3
U.S. History Vocab 1 words
| Term | Definition |
|---|---|
| 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 |