Chapter 12 Vocab Flashcards
the total value of goods and services produced by a country during a year
Gross National Product
policy that government should interefere as little as possible in the nations economy.
Laissez-Faire
one who organizes manges and assumes the risks of a vusiness or enterprise.
Entrepreneur
material used in the production processes, such as money, people, land, food, wood, or steel.
Resources
to do something repeatedly so it becomes the standard
Practice
a geographical region in which the same standard time is kept
Time Zone
a grant of land by the federal government especially for roads, railroads or agricultural colleges.
Land Grant
to combine two previously separate things
Integrate
one who puts money into a compnay in order to gain a future financial reward.
Investor
an organization that is authorized by law to carry on activity but treated as though it were a single person.
Corporation
money or capital invested or available for investment or trading
Stock
the reduction in the cost of a good brought about especially y increased production at a given facility.
Economies of Scale
a group sharing in same activity; for example, among railroad owners who made secret agreements and set rates among themselves
Pool
the combining of companies that supply equipment and services needed for a particular industry
Vertical Integration
combining of amny firms engaged in the same type of business into one corporation
Horizontal Integration
total control of a type of industry by one person or company.
Monopoly
a combination of firms or corporatiosn formed by a legal agreement especailly to reduce competition
Trust
a company whose primary business is owning a controlling share in stock in other companies.
Holding Company
the act or process of being given out of disbursed to clients, customers, or members of a group.
Distribution
a person who buys what is produced by an economy
Consumer
a decline in the volume of available money or credit that results in lower prices, and therefore, increases the buying power of money
Deflation
an organization of workers with the same trade or skill
Trade Union
an organization of common laborers and craft workers in a particular industry.
Industrial Union
a list of prsons who are disapproved of or who are to be punished or boycotted
Blacklist
a company tool to fight union demands by refusing to allow employees to enter its facilities to work.
Lockout
existing or coming about seemingly at random or as an unfair or unreasonable act of will
Arbitration
a court order whereby one is required to do or to refrain from doing a specified act.
Injunction
an agreement in which a company agrees to hire only union members
Closed Shop
the act of limiting, restricting, or keeping under control
Restraint
to be composed of , made up of, or formed from
Constitute
drilled first oil well in Pennsylvania
Edwin Drake
invented telephone
Alexander Graham Bell
invented phonograph and improved lightbult
Thomas Alva Edison
increased rates of tariffs
Mornill Tariff
provided construction for transcontinental railroad
Pacific Railway Act
former union general, who watched over railroad, was the engineer
Grenville Dodge
grocer who was sold Central Pacific Railroad Stock and started a college
Leland Stanford
one of the most successful railroad consolidators
Cornelius Vanderbilt
notorious corrupt railroad owner
Jay Gould
scandal between construction and railroad company owned by same people
Credit Mobilier
good railroad guy, who was fair to settlers
James J. Hill
invested into iron mills and came out on top
Andrew Carnegie
most famous industrialist who achieved almost complete horizontal integration
John D. Rockefeller
ideas of Karl Marx, believed workers will revolt
Marxism
led by Terence Powderly opposed strikes, preferred to use boycotts or pressure employers
Knights of Labor
dominant union of the 1800s (AFL)
American Federation of Labor
first president of (AFL)
Samuel Grompers
