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Rise of Industry
Chapter 12 U.S. History
Term | Definition |
---|---|
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 by law to carry on an activity but treated as though it were a single person. |
Economies of Scale | The reduction 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 legal agreement, especially to reduce competition. |
Deflation | A decline in the volume of available money or credit that results in lower prices, and therefore 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 | Setting a dispute by agreeing to accept the decision of an impartial outsider. |
Injunction | A court order whereby one is required to do or to retain from doing a specified act. |
Closed Shop | An agreement in which a company agrees to hire only union members. |
Vertical Integration | The combining of companies that supply equipment and services needed for a particular industry. |
Horizontal Integration | Combining of many firms engaged in the same type of business into one corporation. |