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U.S history
Triumph of Industry
| Question | Answer |
|---|---|
| Entrepreneur | people who invest money in a product in order to make a profit |
| Protective tariff | taxes on imported goods making the price high enough to protect domestic goods from foreign competition |
| Laisez faire | lenient, as in the absence of government control over private business |
| Patent | a grant by the federal government giving an investor can the exclusive right to develop, use, and sell an invention for a set period of time |
| Thomas Edison | United States inventor who invented the phonograph and incandescent electric light |
| Bessemer process | method developed in the mid-1800s for making steel more efficiently |
| Suspension bridge | bridge that has a roadway suspended by cables |
| Time zone | any of the 24 longitudinal areas of the world within which the same time is used |
| Mass production | production of goods in large numbers through the use of machinery and assembly lines |
| Corporation | company recognized as a legal unit that has rights and liabilities separate from each of its members |
| Monopoly | exclusive control by one company over an entire industry |
| Cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| John D. Rockefeller | United States industrialist who made a fortune in the oil business and gave half of it away |
| Horizontal integration | system of consolidating many firms in the same business |
| Trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| Andrew Carnegie | United States industrialist and philanthropist who endowed education and public libraries and research trusts |
| Vertical integration | system of consolidating firms involved in all steps of a product's manufacture |
| Social Darwinism | the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them |
| ICC | first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures |
| Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| Sweatshop | small factory where employees have to work long hours under poor conditions for little pay |
| Company town | community whose residents rely upon one company for jobs, housing, and shopping |
| Collective bargaining | process in which employees negotiate with labor unions about hours, wages, and other working conditions |
| Socialism | system under which the means of production are publicly controlled and regulated rather than owned by individuals |
| Knights of labor | labor union that sought to organize all workers and forced on broad social reforms |
| Terence V. Powderly | took leadership of the Knights of labor |
| Samuel Gompers | formed AFL |
| AFL | labor union that organized skilled workers in a specific trade and made specific demands rather than seeking broad changes |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead Strike | 1892 strike against Carnegie’s steelworkers in Homestead,Pennsylvania |
| Eugene V. Debs | led the ARU |
| Pullman Strike | violent 1894 railway workers’ strike which began outside of Chicago and spread nationwide |
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VKimbrell718
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