History Vocab

Gross National Product

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

Entrepreneur

One who organized, 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

Trust

A combination of firms or corporations formed by a legal agreement, especially to reduce competition

Holding Company

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

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 refusion to allow employees to enter its facilities to work

Arbitration

Settling a dispute by agreeing to accept the decision of an impartial outsider

Injunction

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

Closed Shop

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