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Rise of Industry

Chapter 12 U.S. History

TermDefinition
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.
Created by: 3379761