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Unit 3: Industrialization Vocab

Terms in this set (29)

trade union
an organization of workers with the same skills
economies of scale
reduction in cost of a good brought about by increased size of a production facility
monopoly
combining companies that supply equipment and services
arbitration
letting an impartial outsider settle a dispute
entrepreneur
person who takes business risks for profit
horizontal integration
combination of firms or corporations formed by legal agreement, especially to reduce competition
industrial union
organization of common laborers in a particular industry
time zone
region that keeps the same standard time
fixed costs
costs a company pays whether or not it is operating
pool
group sharing in some activity
Marxism
theory of socialism that advocates a classless society
vertical integration
combining competing firms into one corporation
operating costs
costs that occur while running a company
holding company
company whose primary business is owning a controlling share of stock in other companies
closed shop
a company that agrees to hire only union members
land grants
free land given to railroads
lockout
a company tool to fight union demands by refusing to allow employees to enter its facilities
deflation
rise in the value of money that results in lower prices
corporation
organization owned by many people
gross national product
total value of goods and services produced by a country in a year
laissez-faire
policy that government should not interfere in the ecomony
Capitalism
An economic system based on private property and free enterprise.
Corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts
Socialism
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
means of production
the factories, machines, tools, raw materials, land, and financial capital needed to make things
stock
A share of ownership in a corporation.
Blacklist
A list of people or products viewed with suspicion or disapproval.
Deflation
A situation in which prices are declining
Inflation
A general and progressive increase in prices
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