The value of wages in terms of how much they will actually buy
2 of 26
Gross national product
The total value of goods and services produced in a country
3 of 26
Mass production
Process of making large numbers of the same item using machinery and conveyor belts
4 of 26
Management science
The use of technological and scientific ideas to running a company successfully
5 of 26
Republican
One of the two main political parties they tend to favor wealth ,business and a limited government role in the economy supporting ideas such as laissez-faire
6 of 26
Laissez-faire
An approach where the government deliberately avoids getting involved in economic planning thus allowing free trade to operate
7 of 26
Tariffs
Import and export duties
8 of 26
Federal taxes
Taxes pay to the federal government in Washington as opposed to local or state taxes
9 of 26
Time and motion
A system in which production techniques are allocated set times for completion and production targets laid down on this basis
10 of 26
Labor unions
Trade unions formed to look after the interests of their members
11 of 26
Tourist courts
Early motels
12 of 26
Cartel
A group of companies agreeing to fix output and prices in order to maximize their profits
13 of 26
Holding companies
One huge company obtains a controlling interest in smaller companies in order to control levels of production distribution and sales
14 of 26
Hire purchase
The practice of buying items on credit after paying a deposit
15 of 26
Oil concessions
Involvement in foreign oil industries
16 of 26
Prohibition
Banning of the manufacture transportation and the sale of alcohol
17 of 26
Animal husbandry
The breeding and raising of animals in agriculture
18 of 26
Wage labourers
People who work for wages
19 of 26
Tenant farmers
People who have rented the land they farmed
20 of 26
Share-croppers
Farmers who rented land and were paid by the landowners a percentage of what they produced
21 of 26
Bankrupt
Having insufficient money to pay your debts
22 of 26
Foreclosed
Repossessed
23 of 26
Leagues of women voters
Helped women become more involved in politics and public affairs
24 of 26
State legislatures
The law-making bodies of individual states
25 of 26
Flappers
Name given to young women leading lives devoted to enjoyment
26 of 26
Other cards in this set
Card 2
Front
The value of wages in terms of how much they will actually buy
Back
Real wages
Card 3
Front
The total value of goods and services produced in a country
Back
Card 4
Front
Process of making large numbers of the same item using machinery and conveyor belts
Back
Card 5
Front
The use of technological and scientific ideas to running a company successfully
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