Economic and Industrial Terms

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GDP (Gross Domestic Product)

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The total value of all goods and services produced in a country in one year.

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Edwin Drake

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The first person to successfully drill for oil in the U.S. (1859 in Pennsylvania), launching the oil industry.

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Laissez-Faire

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"Let do" a French phrase meaning "let people do as they choose."

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Entrepreneur

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A person who starts and runs a business, taking on financial risks in hopes of making a profit.

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Morrill Tariff

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A law passed in 1861 that increased tariffs (taxes on imports) to protect American industries.

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Bessemer Process

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Process for making high quality steel - cheaper and more efficient

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Vertical Integration

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When a company controls all steps of production — from raw materials to finished product.

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Horizontal Integration

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When a company buys out or merges with competing companies in the same industry.

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Monopoly

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When one company controls an entire market with no competition.

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Trust

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The combining of competing firms into one big corporation