Rise of Industry
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| gross national product | the total value of goods and services produced by a country during a year
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| laissez-faire | a policy that government should interfere as little as possible in the nations economy
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| entrepreneur | one who organizes, manages, and assumes the risks of a business or enterprise
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| time zone | a geographic region in which the same standard time is kept
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| land grant | a grant of land by the federal government, especially for roads, railroads, or agricultural colleges
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| corporation | a organization that is authorized by law to carry on an activity but treated as one person
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| economies of scale | the lowering of cost for goods brought in especially for high production at given factory
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| monopoly | total control of an industry by one person/company
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| trust | a combo of firms formed by a legal agreement, mostly to reduce competition
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| holding companies | a company whose primary business is owning a controlling share of stock in other companies
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| deflation | a rise in the value of money due to the decline of availability to it
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| industrial union | an organization that joined laborers and craft workers in a particular industry together
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| lockout | a company tool to fight union demands by refusing to allow employees to enter its work facilities
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| arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider
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| injunction | a court order that refrains someone from doing a certain act
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| closed shop | an agreement in which companies agree to only hire union members
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Created by:
amkemp
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