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Ch. 4
Chapter 4
| Term | Definition |
|---|---|
| entrepreneur | people who invest money in a product or enterprise in order to make a profit |
| protective tariffs | taxes that would make imported goods cost more than those made locally |
| laissez-faire | policies which allowed businesses to operate under minimal government regulation |
| patent | a grant by the federal government giving an inventer the exclusive right to develop, use, and sell an invention of a set period of time |
| Bessemer process | method developed in the mid-1800s for making steel more efficiently |
| suspension bridges | bridges in which the roadway is suspended by steel cables |
| time zone | any of the 24 longitudinal areas of the world within which the same time is used |
| mass production | turning out large numbers of products quickly and inexpensively |
| corporation | company that has rights to separate from each of its members |
| monopoly | complete control of a product or service |
| cartel | association of products of a good or service that prices and controls stocks in order to monopolize the market |
| horizontal integration | consolidating many firms in the same business |
| trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| vertical integration | allowed companies to reduce costs and charge higher prices to competitors |
| Social Darwinism | the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore defined to rule over them |
| Interstate Commerce Commission (ICC) | first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures |
| Sherman Antitrust Act | outlawed any trust that operated "in restraint of trade or commerce among the several law was often used in the corporations" favor, as they argued that labor unions restrained trade |
| sweatshop | small, hot, dark, and dirty workhouses |
| company town | community whose residents rely upon one company for jobs, housing, and shopping |
| collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions |
| socialism | an economic and political philosophy that favors public, instead of private, control of property and income |
| Knights of Labor | labor union that sought to organize all workers and focused on board social reforms |
| American Federation of Labor (AFL) | a craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead Strike | 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania |
| Pullman Strike | violent 1894 railway workers' strike which began outside of Chicago and spread nationwide |
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K_Higgins01
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