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Foley Industry
Mr. Foley's vocab review for the unit 4 test.
Term | Definition |
---|---|
Progress | The idea that society is improving. In the US and other Western countries, this usually means industrializing. |
Industrial Revolution | The switch from making goods by hand to making them by machine. |
Philanthropy | Giving back to society because you were able to earn so much in it. |
Andrew Carnegie | Scottish entrepreneur and founder of Carnegie Steel. Perfect example of a monopoly through vertical integration. |
J.D. Rockefeller | American entrepreneur who ran Standard Oil Co. The company was a perfect example of a horizontal monopoly. |
Union | A group of workers seeking protection in the workplace through strength in numbers. |
Strike | A union tactic whereby members refuse to work until demands are met. |
Collective bargaining | A union tactic whereby the union negotiates a contract with an employer that applies to ALL employees. |
Innovation | Coming up with new products or idea, or taking something old and doing something new with it. |
Progressives | People who sought to solve social problems - overcrowded cities, crime, dangerous work conditions, etc. - through legislation. |
Pure Food and Drug Act | Progressive law that set standards for producing and selling medication and food. |
Urbanization | The process of a society moving to the cities and leaving the countryside behind. |
Triangle Shirtwaist Fire | Devastating fire caused made more lethal by unsafe working conditions in a textile factory. Served as a rallying cry for reformers and resulted in many new, improved regulations. |
Monopoloy | Controlling all of the supply of a good or service. |
Sherman Anti-Trust Law | Primary piece of legislation giving Congress and the courts permission to break up large companies that are deemed to be unfair, harmful monopolies. |
Entrepreneur | Someone who takes a financial risk with his/her own money. A business owner, for example. |