Vocab
The total value of all goods and services that a country produces.
What is the Gross National Product?
At the start of the Civil War, most Americans lived on these.
What are farms?
The Pacific Railway Act allowed these two railroads to construct an intercontinental railline.
What were the Union Pacific and the Central Pacific?
Cost of manufacturing is reduced by producing goods in large quantities.
What are economies of scale?
This is a rise in the value of money.
What is deflation?
This was the name given to the severe recession which the United States suffered starting in the early 1870s.
What was the Panic of 1873?
"Let people do as they choose."
What is lassiez-faire?
A fuel used in lanterns or stoves.
What is kerosene?
The Union Pacific began its cross-country construction from this midwest city.
What is Omaha, Nebraska?
This type of company doesn't produce anything. Instead it holds stock of other companies.
What is a holding company?
This type of worker has specialized training.
What is a craft worker?
Terence Powderley was the leader of this union.
What were the Knights of Labor?
People who risk their capital in organizing and running a business.
Who are entrepreneurs?
This man drilled the first oil well in the US.
Who was Edwin Drake?
The Central Pacific RR hired 10,000 workers from this country.
What was China?
A person owns a share of this, which is ownership in a company
What is Stock?
The Knights of Saint Crispin was this type of union.
What is a trade union (for shoemakers!)
Union critics used the outcome of this Chicago riot to claim that Unions were dominated by dangerous radicals.
What was the Haymarket Riots?
One who puts money into a company in order to gain a future financial reward
Who is an investor?
Edison achieved international fame in 1877 with his invention of this.
What is the phonograph?
Each mile of track required this many rails.
What was 400?
What are fixed costs?
Who were private detectives?
A federal judge issue this type of judicial order to stop the Pullman Car railroad strike.
What is an injunction?
a gift of land by the federal government, especially for roads, railroads, or agriculturalcolleges
What is a land grant?
The Edison General Electric Company is known today by this very short title?
What is GE?
This invention allowed trains to add more cars and become longer.
What were air brakes?
companies teaming together to fix prices on something is called this.
What is a pool?
This type of revolutionary believes that there shouldn't be any government.
What is an anarchist?
This type of union shop only hires union members.
What is a closed shop?
This was the dominant union organization of the late 1800s
What is the AFL (American Federation of Labor)?