chapter 3: place and time (U.S. History since 1877)

closed shop

an agreement in which a company agrees to hire only union memers

injunction

an court order whereby one is reuired to do or to refrain from doing a specified act

industrial union

an organization of common laborers and craft workers in a particular industry

corporation

an organzation that is authorized by law to carry on an activity but treated as though it were a single person

lockout

a company tool to fight union demands by refusing to allow employess to enter its facilites to work

holding company

a company whose primary business is owning a controlling share of stock in other companies

deflation

a decline in the volume of available money or credit that results in lower prices, and therefore increase the buying power of money

Land grant

a grand of land by the federal government, expecially for roads, raildroads, or agricultural colleges

trust

legal arrangement hat allows one person to manage another person's property.

Entrepreneur

one who organizes manages and assumes the risks of a business or enterprise

Laissez-faire

policy that government should interfere as little as possible in the nation's economy

arbitration

settling a dispute by agreeing to accept the decision of an impoartial outsider

economies of scale

the reduction in the cost of a good brought about expecially by increased production at a given facility

Gross National Product

the total value of goods and services producted by a country during a year

monopoly

total control of a type of industry by one or one company