Unit 17 Industrialization Test Review

Total value of goods and services produced by a country during a year

• gross national product

• economies of scale

• resources

• fixed costs

Materials used in the production process SUCH AS money, people, land, wood, steel

• gross national products

• resources

• consumers

• economies of scale

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

• lockout

• closed shop

• laissez-faire

• vertical integration

people who run businesses

• consumer

• corporation

• entrepreneur

• investor

a person who puts money into a company with the hope of making money later

• consumer

• investor

• entrepreneur

• laissez-faire

a geographic region in which the same standard time is kept

• time zone

• economies of time

• trust

• monopoly of time

land given by the federal government, especially for roads, railroads, or agricultural colleges

• monopoly

• arbitration

• land integration

• land grant

organization owned by many people but treated by law as though it were one person

• land grant

• corporation

• closed shop

• trust

the cost of manufacturing is decreased by producing goods quickly in large quantities

• laissez-faire

• horizontal integration

• vertical integration

• economies of scale

costs that a company pays even if it is not operating

• economies of scale

• fixed costs

• operating costs

• annual costs