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Rise of Industry

Chapter 12 U.S. History

TermDefinition
Gross National Product the total value of goods and services produced by a country during a year.
Entrepreneur one who organizes, manages, and assumes the risks of a business or enterprise.
Laissez-faire a policy that government should interfere as little as possible in the nation's economy.
Land Grant a grant of land by the federal government especially for roads, railroads, or agricultural colleges.
Corporation an organization that is authorized by law to carry on an activity but treated as though it were a single person.
Economies of Scale the reduction in the cost of a good brought about especially by increased production at a given facility.
Monopoly total control of a type of industry by one person or one company.
Holding Company a company whose primary business is owning a controlling share of stock in other companies
Trust a combination of firms or corporations formed by a legal agreement. especially to reduce competition.
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.
Lockout a company tool to fight union demands by refusing to allow employees to enter its facilities to work.
Arbitration setting a dispute by agreeing to accept the decision of an impartial outsider.
Injunction a court order whereby on is required to do or to refrain from doing a specific act.
Closed Shop an agreement in which a company agrees to hire only union members.
Vertical Intergration combining of many firms engaged in the same type of business into one corporation.
Horizontal Integration the combining of companies that supply equipment and services needed for a particular industry.
Created by: Eawill2002
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