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Chapter 4 Vocab
Question | Answer |
---|---|
1.Entrepreneurs | People who invest money in a product or enterprise to make a profit. |
2.Protecticve Tariffs | Taxes that would make imported goods cost more than those made locally. |
3.Laissez-Faire | Allowed businesses to operate under minimal goverment regulation. |
4.Patent | A grant by the federal goverment givivng an inventor the exclusive right to develop,use,and sell and invention for a set period of time. |
5.Bessemer Process | Method developed in the mid 1800s for making steel more efficiently. |
6.Suspension Bridges | Bridges in which the roadway is suspeneded by steel cables. |
7.Time Zones | One for each hour of the day. |
8.Mass Production | Factory owners develpoed systems for turning out large numbers of products quickley and inexpensively. |
9.Corporation | To take advantage of expanding markets, investors developed a form of group ownership of a business. |
10.Monopoly | Complete control of a product or service. |
11.Cartel | Businesses making the same product agree to limit their production thus keeping the prices high. |
12.Horizontal Intergration | Consolidationg many firms in the same business. |
13.Trust | Companies assign their stock to a board of trustees, who combine them into a anew organization. |
14.Vertical Intergration | Allowed companies to reducae cost and charge higher prices to competitors. |
15.Social Darwinsism | The beleif held by some in the late nineteeth century that nations and races were superior to others and therefore destined to rule the world. |
16.Interstae Commerce Commision (ICC) | Oversee railroad operations. |
17.Sherman Anititrust Act | Outlawed any trust that operated in restraint of commerce among the several states. |
18.Sweatshops | Small,hot,dark,and dirty workhouses. |
19.Company Towns | Isolated communites near the workpaces. |
20.Collective Barganing | Negotiating as a group for higher wages or better working conditions. |
21.Socialism | Economic and political philosphy that favors public, instead of private, control of property and income. |
22.Knights of Labor | Labor Union founed by Uriah Smith Stephans in 1869. |
23.American Federation of Labor (AFL) | labor union that organized skilled workers for specific tades and made small demands rahter than seeking broad changes. |
24.Haymarket Riot | In 1886 labor related protest in Chicago which ended in deadley violence. |
25.Homestead Strike | A epedimic of steelworkers and miners strikes that took place as economic depression spread across america. |
26.Pullman Strike | Halting both railroad traffic and mail delivery |