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chapter 4 vocab

QuestionAnswer
1. Entreprenuer people who invest money in a product to gain a profit
2. protective tarriffs taxes that made imported goods cost more than local goods
3. laissez-faire policies that allowed businesses to operate with little government regulations
4. patent a grant given by the federal government giving an inventor the right to develop, use and sell an invention for a set period of time
5. bessemer process a process for purifying iron making strong but lightweight steel
6. suspension bridges bridges suspended on steel cables
7. time zones Zones for each hour of the day that divided the globe. The railroad adopted the system which is still used today.
8. mass production systems for making large numbers of products
9. corporation number of people sharing a business
10. monopoly complete control of a product or service
11. cartel arrangement of businesses that made the same product to agree to limit their production and thus keep prices high
12. horizontal integration system of consolidating many firms into one business
13. trust companies assigned their stock to a board of trustees who combined them into a new organization
14. vertical integration allowed companies to reduce cost and charge higher prices
15. social Darwinism theory to the rough-and-tumble world of American capitalism
16. Interstate Commerce Commission first federal body ever set up to monitor American business operations
17. Sherman Antitrust Act an act which outlawed any trust that operated "in restraint of trade or commerce among the several states"
18. sweatshops hot, dark and dirty places where workers toiled long 12 hour days, 6 day a week
19. company towns housing and communities owned by businesses and rented out to employees
20. collective bargaining technique factor workers used to try to gain more power against employers
21. socialism economic and political philosophy that favors public instead of private control of property and income
22. American Federation of Labor a loose organization of skilled workers from some 100 unions devoted to specific crafts or trades
23. Haymarket Riot a riot in which protesters gathered at Haymarket Square in Chicago. Dozens of people were killed, both rioters and police.
24. Homestead Strike part of an epidemic of steelworker's and miner's strikes that took place as economic depression spread across America
25. Pullman Strike The American Railway Union (ARU) called for a nationwide strike. By June of 1894, nearly 300,000 rail workers walked off their jobs.
26. Knights of Labor a labor union formed by Uriah Smith Stephens that was a secret society to broad social reform such as replacing capitalism with workers cooperatives
Created by: kaymoon