Ch. 9- Sect 3 & 4
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| corporation | an organization owned by many people but treated by law as though it were a single person
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| stockholders | people who own the corporation
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| stock | shares of ownership of a corporation
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| economies of scale | is when corporatoins make goods more cheaply because they produce so much so quickly using large manufacturing facilities
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| fixed costs | are cost a company has to pay
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| operating costs | are costs that occur when running a company
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| pools | agreements to maintain prices at a certain level
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| andrew carnegie | illustrated many of the different factors that led to industrialism and the rise of big business
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| horizontal integration | or combining many firms engaged in the same type of business into one large corporation
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| monopoly | when a single company achieves control of an entire market
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| deflation | or a rise in the value of money
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| trade unions | limited to people with specific skills
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| industrial unions | united all craft workers and common workers and common laborers in a particular industry
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| blacklist | workers who tried to organize a union or strike were fired and placed on a list of "troublemakers".
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| marxism | ideas of karl marx
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| knights of labor | the first nationwide industrial union
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| arbitration | a process in which an impartial third party helps workers and management reach an agreement
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| Samuel Gompers | American Federation of Labor's first leader
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| closed shops | meaning that companies could only hire union members
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| Women's Trade Union League | the first national assocation dedicated to promoting women's labor issues
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