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Chapter 4 Tri Indust
Chapter 4
| Term | Definition |
|---|---|
| entreprener | people who invest money in order to make a profit |
| protective tariff | taxes that make imported goods cost more |
| laissez-faire | allowed businesses to operate under minimal control of the government |
| patent | grant by the federal government giving an invester the right to use |
| Bessemer process | method devoloped in mid-1800s for making steel more efficiently |
| suspension bridges | bridges in which the roadway is suspened by steel cables |
| time zones | any of the areas of the world within which the same time is used |
| mass production | production of goods is large numbers through the use of machinery and assembly lines |
| corporation | companies recognized as a legal unit that has rights and liabilities seperate from each of its members |
| monopoly | complete control of a product or service |
| cartel | association of producers of a good or service that prices and controls stocks |
| horizontal integration | system of consolidating many firms in the same business |
| trust | companies assign their stock to a board of trustees, who combine them into a new organization |
| vertical integration | allowed companies to reduce prices and charge higher prices to competitors |
| social darwinism | the belief that certain nations and races were superior to others |
| interstate commerce commison | first federal agency to oversee interstate railroad procedures |
| sherman antitrust act | law that banned any trust restraining interstate trade or commerce |
| sweatshops | employed thousands of people who worked for long hours of machines |
| company towns | community whose residents rely upon one company for jobs, houses, and shopping |
| collective bargaining | negotiating as a group for higher wages or better working conditions |
| socialism | an economic and political philosophy that favors public control of properties or imcome |
| knights of labor | labor union that sought to organize all workers and focused on broad social reforms |
| american federation of labor | labor union that organized skilled workers and specific trades and made small demands |
| haymarket riot | related protests in chicago which ended in deadly violence |
| homestead strike | strike against carnegies steelworks in homestead penn |
| pullman strike | violent railway workers strike which began in chicago and spread nationwide |
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eafarrow97
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