Chapter 14 U.S. History Vocabulary: Industrialization

0.0(0)
studied byStudied by 0 people
GameKnowt Play
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/27

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

28 Terms

1
New cards

What is Gross National Product (GNP)?

Gross National Product (GNP) is the total value of all goods and services produced by a country's residents, regardless of where they are located, in a given period. It includes income earned by domestic residents from abroad and excludes income earned by foreign residents domestically.

<p>Gross National Product (GNP) is the total value of all goods and services produced by a country's residents, regardless of where they are located, in a given period. It includes income earned by domestic residents from abroad and excludes income earned by foreign residents domestically.</p>
2
New cards

Laissez-faire

Policy that government should interfere as little as possible in the nation's economy

<p>Policy that government should interfere as little as possible in the nation's economy</p>
3
New cards

Entrepreneurs

People who start and run their own businesses, taking on risk for profit

<p>People who start and run their own businesses, taking on risk for profit</p>
4
New cards

Alexander Graham Bell

Invented the telephone in 1876

<p>Invented the telephone in 1876</p>
5
New cards

Thomas Edison

Inventor of the phonograph, lightbulb, and motion picture

<p>Inventor of the phonograph, lightbulb, and motion picture</p>
6
New cards

Leland Stanford

Railroad tycoon and founder of Stanford University

<p>Railroad tycoon and founder of Stanford University</p>
7
New cards

Cornelius Vanderbilt

Wealthy businessman, who built a railroad and shipping empire

<p>Wealthy businessman, who built a railroad and shipping empire</p>
8
New cards

Time zone

Standard divisions of the Earth created to make train schedules more reliable.

<p>Standard divisions of the Earth created to make train schedules more reliable.</p>
9
New cards

Corporation

A business owned by many investors through shares of stock

<p>A business owned by many investors through shares of stock</p>
10
New cards

Economies of Scale

When producing more goods lowers the cost per unit

<p>When producing more goods lowers the cost per unit</p>
11
New cards

Fixed cost

Expenses a business always pays no matter how much it produces

<p>Expenses a business always pays no matter how much it produces</p>
12
New cards

Operating cost

Expenses that change depending on production levels

<p>Expenses that change depending on production levels</p>
13
New cards

Pools

Agreements between businesses to set prices or divide markets to reduce competition

<p>Agreements between businesses to set prices or divide markets to reduce competition</p>
14
New cards

Andrew Carnegie

Steel industry leader, who used vertical integration to grow an empire

<p>Steel industry leader, who used vertical integration to grow an empire</p>
15
New cards

Vertical integration

Controlling all steps of production from raw materials to sales

<p>Controlling all steps of production from raw materials to sales</p>
16
New cards

Horizontal integration

Buying out competitors to control a single part of an industry

<p>Buying out competitors to control a single part of an industry</p>
17
New cards

Monopoly

Total control of a type of industry by one person or one company

<p>Total control of a type of industry by one person or one company</p>
18
New cards

Trust

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

<p>A combination of firms or corporations formed by a legal agreement, especially to reduce competition</p>
19
New cards

Holding company

A company that owns stock in other companies, but doesn’t produce goods itself

<p>A company that owns stock in other companies, but doesn’t produce goods itself</p>
20
New cards

Stock

A share of ownership in a company

<p>A share of ownership in a company</p>
21
New cards

Trade Unions

Group of workers with the same skill who joined together for better pay and conditions

<p>Group of workers with the same skill who joined together for better pay and conditions</p>
22
New cards

Deflation

A drop in prices, often causing the purchasing power of money to increase.

<p>A drop in prices, often causing the purchasing power of money to increase.</p>
23
New cards

Industrial unions

Unions that include all workers in an industry, regardless of skill

<p>Unions that include all workers in an industry, regardless of skill</p>
24
New cards

Lockout

When employers close a workplace to force workers to accept their terms

<p>When employers close a workplace to force workers to accept their terms</p>
25
New cards

Marxism

Economic and political ideas of Karl Marx promoting a classless society

<p>Economic and political ideas of Karl Marx promoting a classless society</p>
26
New cards

Women’s Trade Union League

Organization supporting women workers and pushing for better treatment and reforms

<p>Organization supporting women workers and pushing for better treatment and reforms</p>
27
New cards

Land grants

Land from the government given to people or companies in exchange.

<p>Land from the government given to people or companies in exchange.</p>
28
New cards

Knights of Labor

Labor union that welcomed skilled and unskilled workers advocating for reforms.

<p>Labor union that welcomed skilled and unskilled workers advocating for reforms.</p>