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Chapter 16
| Term | Definition |
|---|---|
| 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. |
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