Chapter 12 Vocab Flashcards Preview

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Flashcards in Chapter 12 Vocab Deck (47):
1

the total value of goods and services produced by a country during a year

Gross National Product

2

policy that government should interefere as little as possible in the nations economy.

Laissez-Faire

3

one who organizes manges and assumes the risks of a vusiness or enterprise.

Entrepreneur

4

material used in the production processes, such as money, people, land, food, wood, or steel.

Resources

5

to do something repeatedly so it becomes the standard

Practice

6

a geographical region in which the same standard time is kept

Time Zone

7

a grant of land by the federal government especially for roads, railroads or agricultural colleges.

Land Grant

8

to combine two previously separate things

Integrate

9

one who puts money into a compnay in order to gain a future financial reward.

Investor

10

an organization that is authorized by law to carry on activity but treated as though it were a single person.

Corporation

11

money or capital invested or available for investment or trading

Stock

12

the reduction in the cost of a good brought about especially y increased production at a given facility.

Economies of Scale

13

a group sharing in same activity; for example, among railroad owners who made secret agreements and set rates among themselves

Pool

14

the combining of companies that supply equipment and services needed for a particular industry

Vertical Integration

15

combining of amny firms engaged in the same type of business into one corporation

Horizontal Integration

16

total control of a type of industry by one person or company.

Monopoly

17

a combination of firms or corporatiosn formed by a legal agreement especailly to reduce competition

Trust

18

a company whose primary business is owning a controlling share in stock in other companies.

Holding Company

19

the act or process of being given out of disbursed to clients, customers, or members of a group.

Distribution

20

a person who buys what is produced by an economy

Consumer

21

a decline in the volume of available money or credit that results in lower prices, and therefore, increases the buying power of money

Deflation

22

an organization of workers with the same trade or skill

Trade Union

23

an organization of common laborers and craft workers in a particular industry.

Industrial Union

24

a list of prsons who are disapproved of or who are to be punished or boycotted

Blacklist

25

a company tool to fight union demands by refusing to allow employees to enter its facilities to work.

Lockout

26

existing or coming about seemingly at random or as an unfair or unreasonable act of will

Arbitration

27

a court order whereby one is required to do or to refrain from doing a specified act.

Injunction

28

an agreement in which a company agrees to hire only union members

Closed Shop

29

the act of limiting, restricting, or keeping under control

Restraint

30

to be composed of , made up of, or formed from

Constitute

31

drilled first oil well in Pennsylvania

Edwin Drake

32

invented telephone

Alexander Graham Bell

33

invented phonograph and improved lightbult

Thomas Alva Edison

34

increased rates of tariffs

Mornill Tariff

35

provided construction for transcontinental railroad

Pacific Railway Act

36

former union general, who watched over railroad, was the engineer

Grenville Dodge

37

grocer who was sold Central Pacific Railroad Stock and started a college

Leland Stanford

38

one of the most successful railroad consolidators

Cornelius Vanderbilt

39

notorious corrupt railroad owner

Jay Gould

40

scandal between construction and railroad company owned by same people

Credit Mobilier

41

good railroad guy, who was fair to settlers

James J. Hill

42

invested into iron mills and came out on top

Andrew Carnegie

43

most famous industrialist who achieved almost complete horizontal integration

John D. Rockefeller

44

ideas of Karl Marx, believed workers will revolt

Marxism

45

led by Terence Powderly opposed strikes, preferred to use boycotts or pressure employers

Knights of Labor

46

dominant union of the 1800s (AFL)

American Federation of Labor

47

first president of (AFL)

Samuel Grompers