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US History Chapter 4
Abullard3
| Question | Answer |
|---|---|
| 1. Entrepreneur | people who invest money in a product or enterprise in order to make a profit |
| 2. protective tariff | taxes that would make important goods cost more than those made locally |
| 3. laissez faire | allowed businesses to operate under minamal government regulation |
| 4. patent | grant by the federal government giving an inventor the exclusive right to develop, use and sell an ivention for a period of time |
| 5. Bessemer process | a process for purifying iron to make steel |
| 6. suspension bridges | bridges in which the roadway is suspended by steel cables |
| 7. time zones | railroads used time zones to set schedules |
| 8. mass production | systems for turning out large numbers of products quickly and inexpensively |
| 9. corporation | a number of people share ownership in a business |
| 10. monopoly | complete control of a product or service |
| 11. cartel | businesses making the same product agree to limit their production and thus keep prices high |
| 12. horizontal intergration | system of consolidating many firms in the same business |
| 13. trust | companies assign their stock to a board of trustees, who combine them into a new organization |
| 14. vertical intergration | allowed companies to reduce costs and charge higher prices to competitors |
| 15. Social Darwinism | idea that wealth is a measure of one's inherant value and those who had it were the most "fit" |
| 16. Interstate Commerce Commission (ICC) | oversee railroad operations |
| 17. Sherman Antitrust Act | outlawed any trust that operated "in restraint of trade or commerce among the several states" |
| 18. sweatshop | small, hot, dark, and dirty workhouses |
| 19. company town | houses owned by the business and rented out to employees |
| 20. collective bargaining | negotiating as a group for higher wages or better working conditions |
| 21. socialism | an economic and political philosophy that favors public, instead of private, control of property and income |
| 22. Knights of labor | union founded by Uriah Smith included all workers of any trade. They were devoted to social reform |
| 23. American Federation of Labor (AFL) | loose orgainzation of skilled workers from some 100 local unions devoted to specific crafts or trades |
| 24. Haymarket Riot | On May 1, 1886, thousands of workers mounted a national demonstrstion for an eight hour workday |
| 25. Homestead Strike | part of an epidemic of steelworkers' and miners' strikes that took place as economic depression spread across America |
| 26. Pullman Strike | nearly 300,000 railworkers had walked off their jobs halting both railroad traffic and mail delivery |
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