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Stack #1152755

Chapter 4 Vocabulary

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.