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Jarek Chapt. 4 Vocab

TermDefinition
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
Created by: jarekboyd
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