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Chapter4_vocablist

TermDefinition
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