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Ch 4 Vocab Terms
The Triumph of Industry 1865-1914
| Question | Answer |
|---|---|
| 1.Entrepreneurs | People who invest money in a product or enterprise in order to make a profit |
| 2.Protective Tariffs | Taxes that would make imported goods cost more than those made locally |
| 3.Laissez-Faire | Allowed businessess to operate under minimal government regulation |
| 4.Patent | Grant by the Federal Government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time |
| 5.Suspension Bridges | Bridges in which the roadway is suspended by steel cables |
| 6.Time Zones | Any of the 24 longitudinal areas of the world within which the same time is used |
| 7.Mass Production | Production of goods in large numbers through the use of machinery and assembly lines |
| 8.Corporation | Company recognized as a legal unit that has rights and liabilities separate from each of its members |
| 9.Monopoly | Complete control of a product or service |
| 10.Cartel | Association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| 11.Horizontal Integration | System of consolidating many firms in the same business |
| 12.Trust | Group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| 13.Vertical Intergration | Allowed companies to reduce costs and charge higher prices to competitors |
| 14.Sweatshops | Small factory where employees have to work long hours under poor conditions for little pay |
| 15.Company Towns | Community whose residents rely upon one company for jobs, housing, and shopping |
| 16.Collective Bargaining | Negotiating as a group for higher wages or better working conditions |
| 17.Socialism | Economic and political philosophy that favors public, instead of private, control of property and income |
| 18.Bessemer Process | Method developed in the mid-1800s for making steel more efficiently |
| 19.Social Darwinism | 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 |
| 20.Interstate Commerce Commission (ICC) | First federal agency monitoring because operations, created in 1887 to oversee interstate railroad procedures |
| 21.Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| 22.Knights of Labor | Labor union that sought to organize all workers and focused on broad social reforms |
| 23.American Federation of Labor (AFL) | Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes |
| 24.Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| 25.Homestead Strike | 1892 strike against Crnegie's steelworks in Homestead, Pennsylvania |
| 26.Pullman Strike | Violwnt 1894 railway workers' strike which began outside of Chicago and spread nationwide |
| 27.Terence V. Powderly | 1881 took leadership of the Knights. Pursured ideological reforms meant to lead workers out of the bondage of wage labor |
| 28.Eugene V. Debs | Grouping all railroad workers together rather than separating them by the job they held. Caused a strike and nearly 300,000 railworkers had walked off their jobs |
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