chapter 6 US history

chapter 6 US history

trade union
an organization of workers with the same skill
vertical integration
combining companies that supply equipment and services for a particular industy
fixed cost
cost a company pays whether or not it is operating
marxism
theory of socialism that advocates a classless society
Laissez-Farie
the government shouldnt interfere in the economy
Closed shop
Company that agrees to hire only union members
Monopoly
Total control of an industry by a person or company
Gross national product
The total value of goods and services produced by a company in a year
Deflation
Rise in the value of money that results in lower prices
Lockout
The company tool to fight union demands are refusing to allow companies to enter its facilities
Economies of scale
Reduction in cost of a good brought about by increase size of a production
Corporation
Organization owned by many people
Trust
Combination of firms of corporations formed by legal agreement, especially to reduce competition
Pool
Group sharing the same activity
Land grants
Free land given to railroads
Time zone
Region that takes the same standard time
Arbitration
Letting an impartial outsider settle a dispute
Holding company
A company who’s primary business is owning a controlling share of stock in other companies
Entrepreneur
A person who takes a business risk for profit
Industrial union
Organization of common laborers in a particular industry
Operating costs
Costs that occur while running a company
Horizontal integration
Combining competing firms into an corporation