USH Unit 2 Flashcards
Gross National Product
The total value of goods and services produced by a country during a year
Natural Resources
Including timber, coal, iron, and copper
Entrepreneurs
People who organize, manage, and assume the risk of a business or enterprise
Laissez-Faire
A policy that government should interfere as little as possible in the nation’s economy
Union Pacific Railroad
Pushed westward from Nebraska in 1865, employed ~10,000 workers
Central Pacific Railroad
Hired 10,000 Chinese to meet the Union Pacific Railroad company in Utah
Investors
People who put money into a company in order to gain a future financial reward
Land Grants
Grants of land by the federal government, especially for roads, railroads, or agricultural colleges
Captains of Industry
People who become rich through ethical methods and were positive for the country
Robber Barons
A person who has become rich through ruthless and unscrupulous business practices
The Credit Mobilier Scandal
Railroads discovered they could make more money by selling land grants than by operating the railroad
Corporation
An organization that is authorized by law to carry on an activity but treated as though it were a single person
Economies of Sale
The reduction in the cost of a good brought about especially by increased production at a given facility
Distribution
The act or process of being given out or disbursed to clients, consumers, or members of a group
Consumer
A person who buys what is produced by an economy
Vertical Integration
The combination in one company of two or more stages of production normally operated by separate companies
Horizontal Integration
One company growing its operations at the same level in an industry
Monopoly
Total control of a type of industry by one person or one company
Trust
A combination of firms or corporations formed by a legal agreement, especially to reduce competition
Holding Company
A company whose primary business is owning a controlling share of stock in other companies
Chain Stores
A series of stores owned by one company that sell the same merchandise
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
Social Darwinism
Natural laws applied to society, used as a justification typically for mistreatment or superiority
Lockout
A company tool to fight union demands by refusing to allow employees to enter the facilities to work
Knights of Labor
Skilled and unskilled workers rallied for shorter work days, equal pay for men and women, and to end child labor
Arbitration
Settling a dispute by agreeing to accept the decision of an impartial outsider
Homestead Strike
Industrial lockout and strike, culminating in a battle in which strikers defeated private security agents
Injunction
A court order whereby one is required to do or to refrain from doing a specified act
Closed Shop
An agreement in which a company agrees to hire only union members
American Federation of Labor
National federation of labor unions aimed at providing mutual support