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ch. 4 26 words
| Term | Definition |
|---|---|
| 1. entrepreneur | a person who invest money into a business or company to make profit. |
| 2. protective tariff | tax on imported goods making tyhe price high enough to protect domestic goods from foreign competition. |
| 3. laissez faire | lenient, the government control has absence over private businesses. |
| 4. atent | official rights given by the government to an inventor to make, use, or sell their product for a set period of time. |
| 5. bessemer process | made in the mid 1800's to making steel more efficiently. |
| 6. suspension bridge | a bridge that has a roadway suspended by cables. |
| 7. time zone | 24 longitudinal areas of the world within which the same time is used. |
| 8. mass production | large numbers of production of goods through the use of mashinary and assembly lines. |
| 9. corporation | company recognized as a legal unit that has rights and liabilties separate from each of its members. |
| 10. monopoly | exclusive control by one company over an entire industry. |
| 11. cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market. |
| 12. horizontal integration | system of consolidating many firms in the same business. |
| 13. trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly. |
| 14. vertigal integration | system of consolidating firms involved in all steps of a product's manufacture. |
| 15. social darwinism | the belief help by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them. |
| 16. ICC | interstate commerce commission, first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures. |
| 17. sherman antitrust act | 1890 law banning any trust that restrained interstate trade or commerce. |
| 18. sweatshop | small factory where employees have to work long hours under poor comfitions for little pay. |
| 19. company town | community whose residents relu upon one company for jobs, housing, and shopping. |
| 20. collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions. |
| 21. socialism | system or theory under which the means of production are publicly controlled and regulated rather than owned by indiviuals. |
| 22. knights of labor | labor union that sought to organize all workers and focused on broad social reforms |
| 23. AFL | the american federation of labor andthe congress of industrial organization (CIO) labor unions united. |
| 24. haymarket riot | 1886 labor-related protest in Chicago which ended in deadly violence. |
| 25. homestead strike | 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania. |
| 26. pullman strike | violent 1894 railway workers' strike which began outside of Chicago and spread natinwide. |
Created by:
erin_casey
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