Ch 11

STUDY
PLAY
pooling
railroads divide up the business in an area and set high prices
cooperative
a jointly owned commercial enterprise (usually organized by farmers or consumers) that produces and distributes goods and services and is run for the benefit of its owners
inflation
a general and progressive increase in prices
deflation
a contraction of economic activity resulting in a decline of prices
conspicuous consumption
Thorstein Veblen's term for a change from the Protestant ethic to an eagerness to show off wealth by the elaborate consumption of goods