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Chapter 4 Tri Indust

Chapter 4

TermDefinition
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
Created by: eafarrow97