Vocabulary
A record player
What is a phonograph?
Timber, coal, iron and copper
What are natural resources?
Costs decrease by producing goods quickly and in large quantities
What are economies of scale?
An organization of workers formed for their common interest or benefit
What is a Union?
When "giving up" is an option
What is NEVER?!
Another name for business
What is an enterprise?
This resource tripled between 1860-1910
What are available workers (population)?
Shares of ownership
What are stocks?
Companies refusing to allow employees to enter the facility to work is called this
What is a lockout?
The United States is this form of government
What is a Democratic Republic?
The total value of goods and services produced by a nation in a year
What is the Gross National Product?
His laboratory was the forerunner of the modern research laboratory
Who is Thomas Edison?
Andrew Carnegie's industry
What is the steel industry?
Settling a dispute by agreeing to accept the decision of an impartial third party
What is arbitration?
A business buys out all of its competitors
What is horizontal integration?
A policy that government should interfere as little as possible in the nation's economy
What is laissez-faire?
They eased transportation and communication and encouraged new industries
What are new inventions?
Businesses paid this even if their business was not operating
What are fixed costs?
An agreement in which a company agrees to hire only union members
What is a closed shop?
Mr. VanMetre's middle name.
What is Dudley?
An industrialist that grew wealthy by unethical means
What is a Robber Baron?
The belief that this will increase the cost of business
What is government regulation or involvement?
When a company owns all parts of the industrial process
Vertical integration
The ideas of this man made many people worry about the growth of unions
Who is Karl Marx?
The number of days in a Sumo tournament
What are 15 days?