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32 Cards in this Set
- Front
- Back
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gross national product
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gnp the total value of all goods and services provided by a country |
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laissez-faire |
let do; let people do as they do |
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entrepreneur |
people who risk their capital organizing/ running a business |
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time zone |
a part of a region where the same time is kept |
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land grant |
a grant of public land especially to industries, institutions...etc |
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corporation |
an organization owned by many people but treated by law as though it were a single person |
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economies of sale |
when corporations make goods more cheaply because they produce so much quickly using large manufacturing facilities |
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fixed costs |
costs a company must pay whether it is active or not |
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operating costs |
occurs when running a company ex. paying wages, shipping charges, buying raw materials/ other supplies |
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pools |
agreements to maintain maintain prices at a certain level |
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vertical integration |
when you own all the different businesses on which it depends on operation ex. instead of paying for coal, buy the mine |
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horizontal integration |
combining many firms in the same business into one |
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monoply |
when a single company achieves control over an entire market |
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trust |
merging businesses without violating laws against owning other companies |
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holding company |
a company that controls all the companies it owns, merging it into enterprise; doesn't produce anything itself |
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deflation |
the rise in the value of money |
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trade unions |
unions limited to the people with specific skills |
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industrial unions |
the uniting of all craft works/common labors in an industry |
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lockout |
when employers lock employees out and refuse to pay them |
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arbitration |
a process where an impartial 3rd party helps workers and management reach an agreement |
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closed shop |
when companies could only hire union members |
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steerage |
the most basic/cheapest accommodations on a steam ship |
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nativism |
an extreme dislike for foreigners by native-born people and desire to limit immigration |
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skyscraper |
tall, steel, frame buildings (ex.-Home Insurance Building, 1885) |
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tenement |
dark, crowded, multifamily apartments |
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political machine |
an informal political group designed to gain/keep power |
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party bosses |
people who ran political machines |
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graft |
getting money though dishonest/questionable means |
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philanthropy |
using great fortunes to further social progress |
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realism |
a new movement in art/literature attempting to portray people realistically |
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settlement houses |
an establishment where middle-class residents lived and helped poor residents, mainly immigrants |
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Americanization |
when immigrant children became knowledgeable about american culture |
