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Chapter 4 vocab
| Question | Answer |
|---|---|
| 1.entrepreneur | a person who invests money in a product or business with the goal of making a profit. |
| 2.proctective tariff | tax on imported goods making the price high enough to protect domestic goods from foreign competition. |
| 3.laissez faire | lenient, as in the absence of government control over private business. |
| 4.patent | offical rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time. |
| 5.bessemer process | a method of developed in the mid-1800s for making steel more efficiently. |
| 6.suspension bridge | bridge that has a roadway suspended by cables. |
| 7.time zone | any of the 24 longitudinal areas of the world within which the same time is used. |
| 8.mass production | production of goods in large numbers through the use of machinery and assembly lines. |
| 9.corporation | a company recognized as a legal unit that has rights and libilities separate from each of its members |
| 10.monopoly | exclusive control by one company over an industry. |
| 11.cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market. |
| 12.horizontal integration | system of consolidating many firms in the same business. |
| 13.trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly. |
| 14.vertical integration | system of consolidating firms involved in all steps of a product's manufacture. |
| 15.social darwinism | the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them. |
| 16.ICC (interstate commerce comission) | first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures. |
| 17.sherman antitrust act | a 1890 law banning any trust that restrained interstate trade or commerce. |
| 18.sweatshop | small factory where employees have to work long hours under poor conditions for little pay. |
| 19.company town | commuinty whose residents reley upon one company for jobs, housing, and shopping. |
| 20.collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions. |
| 21.socialism | a system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals. |
| 22.knights of labor | a labor union that sought to oragnize all workers and focused on broad social reforms. |
| 23.AFL (american federation of labor) | a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades. |
| 24.haymarket riot | a 1886 labor-related protest in chicago which ended in deadly violence. |
| 25.homestead strike | a 1862 law that gave 160 acres of land to citzens willing to live on and cultivate it for five years. |
| 26.pullman strike | a violent 1894 railway worker's strike which began outside of chicago and spread nationwide. |
Created by:
Peterj17
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