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Foley Industry

Mr. Foley's vocab review for the unit 4 test.

TermDefinition
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.
Created by: mrfoley