Flashcards in Chapter 12 Vocab Deck (47):
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.
one who organizes manges and assumes the risks of a vusiness or enterprise.
material used in the production processes, such as money, people, land, food, wood, or steel.
to do something repeatedly so it becomes the standard
a geographical region in which the same standard time is kept
a grant of land by the federal government especially for roads, railroads or agricultural colleges.
to combine two previously separate things
one who puts money into a compnay in order to gain a future financial reward.
an organization that is authorized by law to carry on activity but treated as though it were a single person.
money or capital invested or available for investment or trading
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
the combining of companies that supply equipment and services needed for a particular industry
combining of amny firms engaged in the same type of business into one corporation
total control of a type of industry by one person or company.
a combination of firms or corporatiosn formed by a legal agreement especailly to reduce competition
a company whose primary business is owning a controlling share in stock in other companies.
the act or process of being given out of disbursed to clients, customers, or members of a group.
a person who buys what is produced by an economy
a decline in the volume of available money or credit that results in lower prices, and therefore, increases the buying power of money
an organization of workers with the same trade or skill
an organization of common laborers and craft workers in a particular industry.
a list of prsons who are disapproved of or who are to be punished or boycotted
a company tool to fight union demands by refusing to allow employees to enter its facilities to work.
existing or coming about seemingly at random or as an unfair or unreasonable act of will
a court order whereby one is required to do or to refrain from doing a specified act.
an agreement in which a company agrees to hire only union members
the act of limiting, restricting, or keeping under control
to be composed of , made up of, or formed from
drilled first oil well in Pennsylvania
Alexander Graham Bell
invented phonograph and improved lightbult
Thomas Alva Edison
increased rates of tariffs
provided construction for transcontinental railroad
Pacific Railway Act
former union general, who watched over railroad, was the engineer
grocer who was sold Central Pacific Railroad Stock and started a college
one of the most successful railroad consolidators
notorious corrupt railroad owner
scandal between construction and railroad company owned by same people
good railroad guy, who was fair to settlers
James J. Hill
invested into iron mills and came out on top
most famous industrialist who achieved almost complete horizontal integration
John D. Rockefeller
ideas of Karl Marx, believed workers will revolt
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