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Unit 4 vocabs
vocabularies
| Question | Answer |
|---|---|
| entrepreneurs | people who invest money in a product or enterprise in order to make a profit |
| protective tariffs | taxes that would make imported goods cost more than those made locally |
| laissez-faire | businesses which operate under minimal government regulation |
| patent | giving an inventor the exclusive right to develop, use, and sell an invention |
| Bessemer process | process for purifying iron resulting in steel |
| suspension bridges | bridges in which the roadway is suspended by steel cables |
| time zones | 1884 the globe was divided into 24 time zones, one for each hour |
| mass production | a system that turns out large numbers of products quickly and inexpensively |
| monopoly | complete control of a product or service |
| cartel | businesses limit their production and thus keep prices up |
| horizontal integration | consolidating many firms in the same business by creating a giant company |
| trust | companies assign their stock to a board of trustees who combine them into a new organisation |
| vertical integration | companies reduce costs and charge higher prices to competitors |
| Social Darwinism | wealth was measure of one's inherent value and those who had it were the most "fit." |
| Interstate Commerce Comission (ICC) | created to oversee railwoad operations |
| Sherman Antitrust Act | outlawed any trust that operated "in restraint of trade or commerce among the several states" |
| sweatshops | people worked for long hours on machines making mass-production items |
| company towns | communities near the workplace for laborers |
| collective bargaining | negotiating as a group for higher wages |
| socialism | an economic and political philosophy that favors public control of property and income |
| Knights of Labor | included workers of all trade, a secret society, to broad social reform |
| American Federation of Labor (AFL) | craft union,skilled workers,created strikes and assist workers in need |
| Haymarket Riot | workers mounted a national demonstration, strikes erupted in several cities, frenzy broke out after protestor killed a policeman by throwing a bomb on him, dozens were killed on both sides |
| Homestead Strike | a steel plant cut workers' wages, people called a strike, steel plant called private policy force which killed several strikers and wounded many others, after one tried to assassinate the partner from the plant the union called off the strike |
| Pullman Strike | the Car Company laid off workers and reduced wages, owner required workers to live in a company town, the workers tried to negotiate, desperated the workers asked Debs for help, grouped nearly 300,000 worker which walked off their job |
| corporation | a number of people sharing the ownership of a business |
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sommer7
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