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Chapter __4__
Chapter 4 voab
| Term | Definition |
|---|---|
| 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
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