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Chapter4_vocablist
Term | Definition |
---|---|
Entrepreneur | people who invest money in a product |
Protective tariff | high tax for imported goods than those made locally |
Laissez-faire | policy for businesses to operate under minimal governed regulation |
Patent | grant by the federal government giving inventors the right to sell, use, and develop for a period of time |
Bessemer process | method for making steel more efficiently in the mid-1800s |
Suspension bridges | roadway is suspended by steel cables |
Time zones | the 24 longitudinal areas of the world within the same time |
Mass production | production of goods in large numbers through assembly lines and machinery |
Corporation | number of people who share the ownership of a business |
Monopoly | complete control of a product or service |
Cartel | busineeses with the same product limited and high prices |
Horizontal integration | consolidating many firms in the same business |
Trust | group of separate companies under the control of single managing board to form a monopoly |
Vertical integration | consolidating firms involved in all steps of a products manufacture |
Social Darwinism | belief that certain nations/races were superior to others and destined to rule over them |
Interstate Commerce Commission(ICC) | 1st federal agency for monitoring business operations, created in 1887 to oversee railroad procedures |
Sherman Antitrust Act(SAA) | law that banned any trust restraining interstate trade or commerce |
Sweatshops | small, hot, dark, and dirty workhouses |
Company town | where laborers were forced to live, communities that were isolated but close by their workplace |
Collective bargaining | negotiating as a group for higher wages or better working conditions |
Socialism | economic and political philosophy that favors public control of property and income |
Knights of Labor | labor union seeking to organize all workers and focused on broad social reforms |
American Federation of Labor(AFL) | united with Congress of Industrial Organization(CIO) in 1955 |
Haymarket Riot | labor-related protest in 1886 in Chicago that ended in deadly violence |
Homestead Strike | strike againt Carnegie's steelworkers in Homestead, Pennsylvania in 1892 |
Pullman Strike | violent railway workers' strike which began outside of Chicago and spread nationwide in 1894 |