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Chapter 4 vocab
| Question | Answer |
|---|---|
| Entrepreneur | people who invest money in a product or enterprise in order to make a profit |
| Protective tariffs | taxes that would make imported goods cut more than those made locally |
| Laissez faire | policies which allowed businesses to operate under minial government regulation |
| patent | a grant by the federal government giving an inventor the exclusive right to develop |
| bessemer process | 1890 the united states was outproduving british steel manufacturers |
| suspension bridge | bridges in which the roadway is suspended by steel cables |
| time zones | one for each hour of the day |
| mass production | production of goods in large numbers through the use of machinery and assembley lines |
| corporation | investors developed a form of group ownership |
| monopoly | complete control of a product or service |
| cartel | corporations worked to eliminate competition with other businesses |
| horizontal integration | system of consolidating many firms |
| trust | group of seperate companies that are placed under the control of a single managing board in order to form a monopoly |
| vertical integration | allowed companies to reduce costs and charge higher prices to competitors |
| social darwinism | the belief held by some in the late 19 century that certain nations and races were superior to others and therefore destined to rule over them |
| interstate commerce commission | to oversea railroad operations |
| sherman antitrust act | outlawed any trust that operated |
| sweatshop | small, hot,dark, and dirty workshops |
| company town | owned by the business and rented out to the employees |
| collective bargaining | negotiating as a group for higher wages or better working conditions |
| socialism | an economic and political philosophy that favors public, instead of private, control over property and income |
| knights of labor | labor union founded by Uriah Smith Stephens in 1869 |
| american federation of labor | a craft union, loose oraganization of skilled workers from 100 local unions devoted to specific crafts or trades |
| haymarket riot | 1886 labor-related protest in chicago which ended in deadly 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 |
Created by:
AprilJ
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