| A | B |
|---|
| Gross National Product | Total value of goods and services produced by a country during a certain period of time. |
| Laissez-faire | French phrase that means “let the people do as they choose.” |
| Entrepreneur | Those who risk capital ($) to organize and run a business. |
| Free Enterprise | Business governed by the laws of supply and demand, not restrained by government. |
| Edwin Drake | drilled the first oil well near Titusville, Pa. |
| Transcontinental Railroad | Brought settlers and miners to the West and moving resources to the factories in the East. |
| What were the causes of the United States becoming Industrialized? | Free Enterprise, Natural Resources, Large Population, Transcontinental R.R. |
| Pacific Railway Act | Lincoln signed in 1862 provided for the construction of a Transcontinental Railroad. |
| Time Zones | Railroads divided the county into 4 time zones, or regions where the same time was kept. |
| Corporation | An organization owned by many people but treated by law as though it was a single person. |
| Stockholders | The people who own the corporation. |
| Fixed costs | The cost a company must pay whether it is operating or not. |
| Operating Costs | Cost occur when company is operating |
| Monopoly | Occurs when one company gains control of an entire market. |
