Test 3 Definitions

Question 1

gilded

Answer 1

covered in an extremely thin layer of gold

Question 2

macroinvention

Answer 2

invention or discovery that has a major economic impact on society

Question 3

mass production

Answer 3

creation of a large quantity of material by an automated process

Question 4

GNP per capita

Answer 4

value of all finished goods and services owned by a country over a period of time

Question 5

standard of living

Answer 5

level of wealth, comfort, material goods, and necessities available to individuals in society

Question 6

corporation

Answer 6

company formed by a group of investors who receive shares of ownership in proportion to the amount they invest

Question 7

capitalist

Answer 7

person who has a private business for profit

Question 8

robbber-baron

Answer 8

person who acquires their wealth through unjust means

Question 9

vertical integration

Answer 9

the combination of two or more stages of production in one company rather than separate

Question 10

horizontal integration

Answer 10

the joining of several firms that are engaged in the same kind of business

Question 11

laissez-faire racism

Answer 11

ideology that blames minorities for their poor circumstancesc

Question 12

socialism

Answer 12

a political and economic theory which advocated for production, distribution, and trade to be owned and regulated by the community as a whole

Question 13

labor unions

Answer 13

organized group of women that work to protect and further their rights

Question 14

labor unions

Answer 14

organized group of workers that work to protect and further their rights

Question 15

strike

Answer 15

organized stoppage of work

Question 16

scabs

Answer 16

someone who didnt go on strike or was hired to replace striking workers