Lessons 1/2
What is the term for the total value of goods and services produced by a country during a year?
Gross National Product
What is the term for an organization that is authorized by law to carry on an activity but treated as though it were a single person?
Corporation
What is the term for a decline in the volume of available money or credit that results in lower prices, and therefore increases the buying power of money?
Deflation
What is the term for an agreement in which a company agree to hire only union memebers?
closed shop
Who was a Scottish immigrant who invested in railroad businesses and eventually owned nearly all the steel production in America?
Andrew Carnegie
What is the term for a policy that government should interfere as little as possible in the nation's economy?
Laissez-faire
What is the term for the reduction in the cost of a good brought about especially by increased production at a given facility.
economies of scale
What is an organization of common laborers and craft workers in a particular industry called?
industrial union
What group established in 1869 by Terence Powderly organized workers and encouraged arbitrition instead of strikes?
Knights of Labor
Who was the owner of Standard oil and began horizontal integration by buying out his competitors and gaining a monopoy in the oil industry?
John D. Rockefeller
What is the term for on who organizes, manages, and assumes the risk of a business or enterprise?
Entrepreneur
What is the term for total control of a type of industry by one person or one company?
Monopoly
What is the term for a company tool to fight union demands by refusing to allow employees to enter its facilities to work?
Lockout
in 1886 supporters of the 8 hour work day called for a nationwide strike. in Chicagothere were demonstrations in Haymarket square in which someone threw a small bomb at the police. What was this event called?
The Haymarket Riot
Who was a Scottish enlightenment writer who explained how economics works and is often called the Father of modern economics?
Adam Smith
What is the term for a geographic region in which the same standard time is kept?
Time Zone
What is the term for a combination of firms or corporations formed by a legal agreement, especially to reduce competition?
Trust
What is settling a dispute by agreeing to accept the decision of an impartial outsider called?
Arbitration
what group was created by socialist radicals in 1905 that attempted to organize workers according to industry?
Industrial Workers of the World (IWW) AKA "The Wobblies"
What German writer and philosopher was extremely good at pointing out the problems with capitalism and is considered the father of socialism
Karl Marx
What is the term for a grant of land by the federal government, especially for roads, railroads, or agricultural colleges?
Land Grant
What is a company whose primary business is owning a controlling share of stock in other companies called?
Holding Company
What is the term for a court order whereby one is required to do, or refrain from doing a specific act?
Injunction
What group of people were very instrumental in the labor movement and fighting for the rights of workers, even though traditionally the workplace wasnt their domain?
Women
What was the name of the guy who made Chester Arthur president by killing James Garfield?
Charles Guiteau