| A | B |
|---|
| gross national product | the total value of all goods and services produced by a country |
| Edwin Drake | in 1859 drilled the first oil well near Titusville, Pennsylvania |
| Laissez-faire | policy that government should interfere as little as possible in the nation's economy |
| entrepreneur | one who organizes, manages, and assumes the risks of a business or enterprise |
| Morrill Tariff | reversed years of declining tariffs |
| Alexander Graham Bell | invented the telephone in 1876 |
| Thomas Alva Edison | most famous inventor of the late 1800s whom invented the phonograph(1877), lightbulb(1879), electric generator(1879), battery, dictaphone, motion picture |
| Pacific Railway Act | provided for the construction of a transcontinental railroad by two corporations, the Union Pacific and the Central Pacific, land was offered to each company along its right-of-way |
| Grenville Dodge | engineer for the Union Pacific Railroad that began constructing the railroad westward from Omaha, Nebraska, in 1865 |
| Leland Stanford | a Sacramento grocer that owned 1/4 of the Central Pacific Railroad that later became governor of California and later served as a US senator after founding Stanford Universtiy |
| Cornelius Vanderbilt | one of the most famous and successful railroad consolidators that was a former boat captain that built the largest steamboat fleet in America-built New York's Grand Central terminal |
| time zones | created to make rail service safer and more reliable in 1883-a geographical region in which the same standard time is kept |
| land grants | a grant of land by the federal government especially for roads, railroads, or agricultural colleges |
| Jay Gould | n |
| Credit Mobilier | o |
| James J. Hill | p |
| corporation | an organization that is authorized by law to carry on an activity but treated as though it were a single person |
| stockholder | st |
| stock | s |
| economies of scale | the reduction in the cost of a good brought about especially by increased production at a given facility |
| fixed costs | costs a company must pay regardless of whether or not it is operating |
| operating costs | costs that occur while running a company |
| pool | a group sharing in some activity; for example, among railroad owners who made secret agreements and set rates among themselves |
| Andrew Carnegie | x |
| Bessemer process | y |
| vertical integration | the combining of companies that supply equipment and services needed for a particular industry |
| horizontal integration | the combining of competing firms into one corporation |
| monopoly | total control of a type of industry by one person or one company |
| trust | a combination of firms or corporations formed by a legal agreement, especially to reduce competition |
| 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, increases the buying power of money |
| trade union | an organization of workers with the same trade or skill |
| industrial union | an organization of common laborers and craft workers in a particular industry |
| blacklist | hh |
| lockout | a company tool to fight union demands by refusing to allow employees to enter its facilities to work |
| Marxism | jj |
| Knights of Labor | kk |
| arbitration | settling a dispute by agreeing to accept the decision of an impartial outsider |
| injunction | ll |
| closed shop | an agreement in which a company agrees to hire only union members |
