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Jarek Chapt. 4 Vocab
| Term | Definition |
|---|---|
| entrepreneus | people who invest in money in a product enterprise to make a profit |
| protective tariffs | taxes that make imported goods cost more than made locally |
| patent | grant by federal government giving an exclusive rights to develop use and sell over time |
| bessemer process | method in 1800's for making steel more efficiently |
| suspension bridge | bridges which roadway is suspended by steel cables |
| time zone | 24 longitudinal areas of the world where same time is use |
| mass production | production of goods in large numbers through machinery and assembly line |
| corporation | number of people share ownership of a business |
| monopoly | complete control of a product or service |
| cartel | producer of goods, services that prices and control stock to monopolize the market |
| horizontal integration | system of many firms in the same business |
| trust | group of separate companies placed under control of a single managing board to form a monopoly |
| vertical integration | reduce cost and charge higher prices to competitors |
| social darwinism | belief that certain nations and races were superior to others and rule them |
| interstate commeerce commission (ICC) | first federal agency monitoring business operations to oversee railroad procedures |
| sherman antitrust act | outlawed any trust that operated in a trade |
| sweatshops | worker toiled 12 hours 6 days small hot dark dirty warehouse |
| company towns | workers who was forced to live in isolated communities near workplace |
| collective bargining | negotiating as a group for higher wages |
| socialism | economic and political philosophy that favors public instead of private individuals |
| knights of labor | labor union sought to organize all workers and focus on broad social reforms |
| american federation | labor union orginized skilled workers in specif trade and small demands than seeking change |
| haymarket riot | 1886 labor related protest in chicago |
| homestead strike | 1892 strike against carnegie's steelworkers |
| pullman strike | 1894 railway workers strike outside of chicago and spread nationwide |
| laissez faire | absent of government control over private business |
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jarekboyd
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