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Chapter __4__

Chapter 4 voab

Entrepreneurs People who invent money in a product or enterprise in order to make a profit.
Protective Tariffs Taxes placed on imported good making them more expensive than locally made items.
Laissez-faire Allowed businesses to run under minimal government regulations.
Patent Grant from government giving rights to sell and produce inventions for a period of time.
Bessemer Process A process of purifying iron to make in stronger and more efficiently.
Suspension Bridges Bridges over roads suspended by steel cables.
Time Zones One for each hour of the day.
Mass Production Depends on machinery to make goods at much faster rate than products made with hand tools.
Corporations A form of ownership with a group of investors.
Monopoly The only place that sells a certain product or service; therefore has control of how much a service costs.
Cartel An urge to shut down small businesses to create monopolies.
Horizontal Integration Creation of large firms that own many small businesses.
A Trust Companies give stock to trustees that then in return place that stock in the hands of other companies.
Vertical Integration Companies lowered costs to public and charged other companies more.
Social Darwinism Applying Charles Darwin's Theory of Evolution to recent economic situations. (Survival of the fittest.)
Interstate Commerce Commission Government operations to oversee railroads
Sherman Antitrust Act Allowed Trusts
Sweatshops dirty, dark work house. (Mostly under-paid immigrants.)
Company Towns Workers forced to live in areas really close to work.
Collective bargaining a group FOR higher wages and better working conditions
Socialism Economic/Political philosophy that likes public control over property and income.
Knights of Labor Labor unions devoted to replacing capitalism.
American Federation of Labor group on unions with specific trades and skills.
Haymarket Riot Riot breaking out in Chicago that killed two policemen and 6 anarchist.
Homestead strike strike of steelworkers and miners that cause small economic depression.
Pullman Strike 300,000 railroad workers quit their jobs and that stopped most of all mail and resource transportation.
Created by: Jack_Moreland