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OHS ch. 4 us history
| Question | Answer |
|---|---|
| What is mass production? | Production of many products quickly and inexpensively. |
| What is an entrepreneur? | People who invest money in a product or enterprise in order to make a profit. |
| What are protective tariffs? | Taxes that would make imported goods cost more than those made locally. |
| What does laissez-faire mean? | |
| What is a patent? | A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time. |
| Who is Thomas Edison? | An inventor known for inventing the light bulb. |
| What is the Bessemer process? | Process for purifying iron, making steel. |
| What is a suspension bridge? | Bridges in which the roadway is suspended by steel cables. |
| What is a time zone? | Different areas of the world have different timesaccording to the sunrise and sunset. |
| What is a corporation? | A number of people share the ownership of a business. |
| What is a monopoly? | Complete control of a product or service. |
| What is a cartel? | An arrangement where businesses making the same product agree to limit their production and thus keep prices high. |
| Who is John D. Rockefeller? | An oil tycoon. |
| What is horizontal integration? | Business system of consolidating many firms in the same business. |
| What is a trust? | Where companies assign their stock to a board of trustees. |
| What is vertical integration? | Allows companies to reduce costs and charge higher prices to competitors. |
| What is Social Darwinism? | Wealth is measured of one;s inherent value and those who have it are the most "fit". |
| What is the ICC? | Interstate Commerce Commission. A federal body to oversee railroad operations. |
| What is the Sherman Antitrust Act? | Outlaws any trust that operated in restraint of trade or commerce among the sever states. |
| sweatshop | Dirty workshop. |
| company town | Isolated communities near workplaces. |
| collective bargaining | Negotiating as a group for higher wages or better working conditions |
| socialism | An economic and political philosophy that favors public control of property and income. |
| Knights of Labor | Labor union. |
| AFL | American Federation of Labor. |
| Haymarket Riot | The Knights of Labor fizzled out as people shied away from radicalism. |
| Homestead Strike | Steelworks' and miners' strike. |
| Pullman Strike | Halting both railroad traffic and mail delivery. |
Created by:
camaroboy321
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