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Chapter 16

TermDefinition
Entrepreneur A person who takes on the risks of creating, organizing, and managing a business enterprise.
Industry A basic unit of business activity in which the various participants do similar activities.
Interchangeable parts Identical parts that can be substituted for one another.
Artisan A skilled worker, whether self-employed or working for wages.
Stock exchange A place where people buy and sell stocks (shares in the ownership or companies); stockholders may participate in election of the company's directors and share in the company's profits.
Protective tariff A tax placed on imported goods for the purpose of raising the price on imports as high as or higher than the prices of the same item produced within the nation.
Public domain Land claimed by the federal government.
Gauge The distance between the two rails making up railroad tracks.
Pacific Railing Act of 1862 Congress provided the Union Pacific and Central Pacific companies with sizable loans and 10 square miles of the public domain for every mile of track laid.
Fixes cost Costs that a company must pay even if it closes down all it's operations (example - interest on loans, debt payments, and property taxes)
Pool An agreement among business in the same industry to divide up the market and charge equal prices instead of competing; another name for cartel.
Lobby To try to influence the thinking of public officials for or against a specific cause.
Bonds A certificate of debt issued by a government or corporation guaranteeing payment of the original investment plus interest at a specified future date. * Borrowers are penalized/fired for cashing in the bond before it's "maturity date" (usually 5-10 years)
Investment banks An institution that acts as an agent for corporations issuing stocks and bonds.
Return The yield on money that's been invested in an enterprise. Today, companies typically pay a dividend to their stockholders each quarter.
Vertical merger When companies involved in different stages of manufacturing or marketing join together.
Horizontal merger When firms that produce the same kind of product join forces.
Laissez faire The principle that the government should not interfere in the workings of the economy.
Gospel of Wealth The idea that the wealthy should return their riches to the community.
Refinery An industrial plant that transforms raw materials into finished products.
Monopoly Exclusive control by an individual or company of the production or sale of a product.
Holding Company A company that exists to own other companies; usually through holding a controlling interest in their stocks.
Patent A government statement that gives the creator of an invention the sole right to produce, use, or sell that invention for a set period of time.
Merger The joining together of two or more organizations.
Patent medicine A medical preparation that is advertised by brand name and available without a physicians prescription.
Trademark A name or symbol that identifies a product and is officially registered and legally restricted for use by the owner or manufacturer.
Department stores Offered a wide range of choices in read made products - fashionable clothing, household furnishings, shoes, etc. Had clearly marked prices and could be returned or exchanged.
Oligopoly A market or industry dominated by a few firms. (Greek word: "few sellers"); More common than a monopoly.
Cost analysis Study of the cost of producing manufactured goods to find ways to cut expenses.
Dividend A share of a company's profits received by a stockholder.
New South The efforts by some southerners to modernize their region during the years after Reconstruction.
Henry Grady Built the Atlanta Constitution into a regional powerful newspaper in the 1880's.
Great Plains High grasslands of Western North America, stretching north to south across the center of the nations; Generally level, treeless, and fairly dry.
Lokotas The Westernmost members of a group of Native American peoples often called Sioux (the largest group).
Confederacy An organization of separate groups who have allied for mutual support or joint action.
Tanneries An establishment where animal skins and hides are made into leather.
Guerrilla Warfare A method of warfare in which small bands or fighters in occupied territory harass and attack their enemies.
War of Attrition A form of warfare based on deprivation of food, shelter, and other necessities; if successful, it drives opponents to surrender out of hunger or exposure.
Great Sioux War A conflict that was triggered by federal authorities forcing all Lakota and Cheyenne people onto the reservation.
Ghost dance A new religion that promised to restore the buffalo and sweep away the whites.
Battle of Wounded Knee A battle in which the soldiers beat the Native Americans. The events here marked the symbolic end to an armed conflict on the Great Plains.
Open range Unfenced grazing land on which cattle ran freely and cattle ownership was established through branding.
Roundup A spring event in which cowboys gathered together the cattle herds, branded newborn calves, and castrated most of the new young males.
Branding Burning a distinctive mark into an animal's hide using a hot iron as a way to establish ownership.
Dime novel A cheaply produced novel of the mid-to-late nineteenth century, often featuring the dramatized exploits of western gunfighters.
Icon A symbol, usually one with virtues considered worthy of imitating.
Aridity Dryness; lack of enough rainfall to support trees or woody plants.
Meridian One of the imaginary lines representing degrees of longitude that pass through the North and South Poles and encircle the Earth.
Ecosystem A community of animals, plants, and microorganisms, considered together with the environment in which they live.
Bohemia A region of central Europe now part of the Czech Republic.
Sod A piece of earth on which grass is growing.
Water table The level at which the ground is completely saturated with water.
Russian-German Refers to the people of German ancestry living in Russia; most had to come to Russia in the eighteenth century at the invitation of the government to develop agricultural areas.
Agribusiness A large-scale farming operation typically involving considerable land-holdings, hired labor, and extensive use of machinery; may also involve processing and distribution as well as growing.
Combine A large harvesting machine that both cuts and threshes grain.
Lumber mill A factory or place where logs are sawed into rough boards.
Aqueduct A pipe or channel designed to transport water from a remote source, usually by gravity.
Metropolis An urban center, especially one that is dominant within a region.
Expansion In the economic cycle, a time when the economy is growing, characterized by increased production of goods and services and usually by low rates of unemployment.
Contraction In the economic cycle, a time when the economy has ceased to grow, characterized by decreased production of goods and services and often by high rates of unemployment.
Recession An economic contraction of relatively short duration.
Depression An economic contraction of longer duration.
Financial Panic Widespread anxiety about financial and commercial matters.
Created by: jessiebull