Chapter 14 History

  1. gross national product
    the total value of all goods and services produced by a country
  2. laissez-faire
    "let be" where government should not interfere in economy other than to protect private property rights and maintain peace. Rely on supply and demand
  3. entrepreneurs
    people who risk their capital in organizing and running a business
  4. Alexander Graham Bell
    invented the idea of a telephone
  5. Thomas Alva Edison
    inventor of photograph and perfected lightbulb and electric generator. Transformed society with the supply of electricity`
  6. corporation
    an organization owned by many people but treated by law as though it were a single person
  7. Stockholders
    The pope who own the corporation
  8. Stocks
    Shares of ownership
  9. economics of scale
    corporations that made goods more cheaply because they produce so much so quickly using large manufacturing facilities.
  10. fixed costs
    costs a company has to pay whether or not operating
  11. Operating costs
    costs that occur when running a company, like paying wages and shipping charges and buying raw materials and other supplies
  12. pools
    agreements to maintain prices at a certain level
  13. vertical integration
    owns the different businesses on which it depends for its operation. saved companies money while enabling big companies to become even bigger
  14. horizontal integration
    combining many firms engaged in the same type of business into one large corporation.
  15. monopoly
    when a single company achieves control of an entire market
  16. trust
    a new way of merging businesses that did not violate the laws against owning other companies
  17. trade union
    organization of workers with specific skills
  18. labor unions
    united all craft workers and common laborers in a particular industry
  19. anarchism
    belief in the abolition of all government and the organization of society on a voluntary, cooperative basis without recourse to force or compulsion
  20. marxism
    idea that capitalist societies was the class storage between workers and owners. Believed that workers would eventually revolt, seize control of factories, and overthrow the government.
  21. Knights of Labor
    • Nationwide Industrial Union
    • called for an eight hour workday
    • supported equal pay for women
    • abolition of child labor
    • creation of worker-owned factories
  22. American Federation of Labor
    • 20 of the nation's trade unions
    • convince companies to recognize unions and agree to collective bargaining
    • push for closed shops
    • promoted eight hour workdays
  23. Samuel Gompers
    • believed unions should stay out of politics
    • rejected socialist and communist ideas
    • believed in higher wages and better working conditions
Card Set
Chapter 14 History