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Stack #1152755
Chapter 4 Vocabulary
| Question | Answer |
|---|---|
| Entrepreneur | People who invest money in a product or enterprise in order to make a profit. |
| Protective Tariffs | Taxes that make imported goods cost more than those made locally. |
| Laissez-Faire | Policies which allowed businesses to operate under less gov't regulation. |
| Patent | A grant by the fed gov't giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time. |
| Bessemer Process | A process for purifying iron, resulting in strong, but lightweight steel. |
| Suspension Bridges | Bridges in which the roadway is suspended by steel cables. |
| Time Zones | 24 zones around the world that are set for each hour of the day. |
| Mass Production | Systems for turning out large numbers of products quickly and inexpensively. |
| Corporation | A number of people share the ownership of a business. |
| Monopoly | Complete control of a company, product, or service. |
| Cartel | When businesses making the same product agree to limit their production and are able to keep prices high. |
| Horizontal Integration | Consolidating many firms in the same business. |
| Trust | When companies assign their stock to a board of trusties, who combine them into a new organization. |
| Vertical Integration | Allowed companies to reduce cost and charge higher prices to competitors. |
| Social Darwinism | When wealth is the measure of one's inherent value. |
| Interstate Commerce Commission (ICC) | First fed body ever set up to monitor American business operations. |
| Sherman Antitrust Act | Outlawed any trust that operated "in restraint of trade or commerce among the several states." |
| Sweatshops | Small, hot, dark, and dirty workhouses. |
| Company Towns | Communities built near the factories for the workers. |
| Collective Bargaining | Negotiating as a group for higher wages or better conditions. |
| Socialism | An economic and political philosophy that favors public, instead of private, control property and income. |
| Knights of Labor | A labor union including all workers of any trade, skilled or unskilled. |
| American Federation of Labor (AFL) | A craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades. |
| Haymarket Riot | The Knights of Labor fizzled out as people shied away from radicalism. Employers became even more suspicious of union activities, associating them with violence. |
| Homestead Strike | Part of an epidemic of steelworkers' and miners' strikes that took place as economic depression spread across America. |
| Pullman Strike | Escalated, halting both railroad traffic and mail delivery. |
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