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vocab and people from industrial revolution.
Terms in this set (39)
Gross National Product (GNP)
the value of all goods and services produced in a country in a year.
Theory of economics that calls for little to no government influence in business.
people who invest capital to organize and run a business.
money, machinery, and resources.
Pacific Railway Act
Law signed by President Lincoln which provided for the construction of a transcontinental railroad by the Union Pacific and Central Pacific railroad company.
Place in Utah where Union Pacific and Central Pacific joined.
Area given to railroad construction.
an organization owned by many people but treated by law as though it were a single person.
people who own the corporation.
shares of ownership of a corporation.
Economies of Scale
when corporations make goods more cheaply because they produce so much so quickly using large manufacturing facilities.
costs a company has to pay whether or not it is operating.
costs that occur when running a company, such as paying wages and shipping charges and buying raw materials and other supplies.
agreements to maintain prices at a certain level.
a company who owns all of the different businesses on which it depends for its operation.
when a single company achieves control of an entire market.
combining many firms engaged in the same type of business into one large corporation.
a new way of merging businesses that did not violate the laws against owning other companies.
a company who doesn't produce anything itself.
rise in the value of money.
decrease in the value of money.
unions limited to people with specific skills.
united all craft workers and common laborers in a particular industry.
list of "troublemakers."
locked workers out of property and refused to pay them.
replacement workers fyor workers who went on strike.
belief of no government.
process when impartial third party helps workers and management reach agreement.
Knights of Labor
the first nationwide industrial union.
meaning that companies could only hire union members.
drilled 1st oil well near Titusville, Pennsylvania.
Alexander Graham Bell
invented the telephone. (At&t)
transformed America when he started supplying electricity to New York City.
laid telegraph cable across Atlantic providing instant communication between US and Europe.
invented the ice machine leading to refrigeration.
famous railroad consolidator who merged the large New York railroad system.
developer of Marxism.
was a robber barron of the steel industry.
The AFL's first leader.
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