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Chapter 4 Vocab

Entrepreneur A person who invests money in a product or business with the goal of making a profit.
Protective Tariff Tax on imported good making the price high enough to protect domestic goods from foreign competition.
Laissez Faire Lenient, as in the absence of government control over private businesses.
Patent Official right given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time.
Bessemer Process Method developed in the mid-1800s for making steel more efficiently.
Suspension Bridge Bridge that has a roadway suspended by cables.
Time Zone Any of the 24 longitudinal areas of the world within which the same time is used.
Mass Production Production of goods in large numbers through the use of machinery and assembly lines.
Corporation Company recognized as a legal unit that has rights and liabilities separate from each of its members.
Monopoly Exclusive control by on company over an entire industry.
Cartel Association of producers of a good or service that prices and controls stocks in order to monopolize the market.
Horizontal Integration System of consolidating many firms in the same businesses.
Trust Group if separate companies that are placed under the control of a single managing board in order to form a monopoly.
Vertical Integration system of consolidating firms involved in all steps of a product's manufacture.
Social Darwinism The belief held by some in the late nineteenth century that certain nations and races were superior to others and there fore destined to rule over them.
ICC First federal agency monitoring business operations created in 1887 to oversee interstate railroad procedures.
Sherman Antitrust Act 1890 law banning any trust that restrained interstate trade or commerce.
Sweatshop Small factory where employees have to work long hours under poor conditions for little pay.
Company Town Community whose residents rely upon the company for job, housing, and shopping.
Collective Bargaining Process in which employers negotiate with labor union about hours, wages, and other working conditions.
Socialism System or theory under which the means of production are publicly controlled and regulated rather than owned by individuals.
Knights of Labor Labor union that sought to organize all workers and focused on on broad social reforms.
AFL Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes.
Haymarket Riot 1886 labor-realted protests in Chicago which ended in a deadly violence
Homestead Strike 1892 law that gave 162 acres of land to citizens willing to live and cultivate it for five years.
Pullman Strike Violent 1894 railway workers' strike which began outside of Chicago and spread nation wide.
Created by: AustinH16