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Unit 4 vocabs


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
Created by: sommer7