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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 |
Created by:
SRichard
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