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Chapter 4 Vocab

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
Created by: wfrisbee43