Unit 4 Chapter 12 Flashcards
(29 cards)
Gross National Product
Total value of all goods and services a country produces.
Laissez Faire
A french phrase meaning “let the people do as they choose. Supporters believed that the government should not interfere in the economy other than to protect private property rights and maintain peace.
Entrepreneurs
People who risk their capital to organize and run businesses. Many Entrepreneurs from New England began investing in manufacturing and transportation.
Pacific Railway Act
Offered government incentives to assist “men of talent, men of character, men who are willing to invest” in developing the nation’s first transcontinental rail line.
Time Zone
A time zone is an area which observes a uniform standard time for legal, commercial and social purposes. They follow the boundaries between countries and their subdivisions instead of strictly following longitude. This is because it’s convenient for areas in frequent communication to keep the same time.
Land Grant
Federally owned acreage granted to the railroad companies in order to encourage the building of rail lines.
Credit Mobilier
The 1867-1868 scandal in which Union Pacific executives formed their own railroad construction company, then hired and overpaid themselves to build their own railroad.
Corporation
An organization owned by many people but treated by law as if it were a person.
Stock
Shares of ownership.
Economies of Scale
Where the cost of manufacturing is decreased by producing goods quickly in large quantities.
Pools
Agreements to keep prices at a certain level.
Vertical Integration
A company who owns all of the different businesses on which it depends for its operation.
Horizontal Integration
Combining firms in the same business into one large corporation.
Monopoly
When a single company achieves control of an entire market.
John D. Rockefeller
Built oil refineries.
Holding Company
A company that does not produce anything itself.
It owns the stock of companies that do produce goods.
Trusts
It is a legal arrangement that allows one person to manage another person’s property.
Deflation
A rise in the value of money.
Decreases price of goods and services.
Trade Union
An organization of workers intent on “maintaining or improving the conditions of their employment”, such as attaining better wages, benefits, etc.
Industrial Union
A trade union organizing method where all workers in the same industry are organized into the same union, regardless of skill or trade.
Blacklist
Lists of people who tried to form unions. Companies would share the lists among other employers so nobody would hire them.
Lockouts
The refusal by an employer to allow employees to work unless they agree to their terms.
Marxism
A social, political, and economic philosophy named after Karl Marx.
Knights of Labor
A secret society of garnet workers in Philadelphia.
