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Rise of Industry

Chapter 12 U.S. History

Gross National Product the total value of goods and services produced by a country 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
land grant a grant of land by the federal government, especially for roads, railroads, or agricultural colleges
corporation an organization that is authorized to carry on an activity, treated as a single person
economies of scale the reduction in cost of a good
monopoly total control of a type of industry by one person or company
holding company a company whose main objective is owning stock in other companies
trust a combination of firms or corporations formed by a legal agreement
deflation a decline in the volume of available money resulting in lower prices and higher 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 settling a dispute by accepting the judgement of a neutral party.
injunction a court order whereby one is required to do or to refrain form doing a certain act
closed shop an agreement in which a company agrees to hire only union members
horizontal integration combining of many firms engaged in the same type of business into a corporation
vertical integration combining of companies that supply equipment and services needed for a particular industry
Created by: Carter W.