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Unit 3 Vocab Terms
History
| Term | Definition |
|---|---|
| Entrepreneur | A bold, ambitious person who establishes a new business |
| Corportion | A company recognized by law to exist independently form its owners, with the ability to own property, borrow money, sue, or be sued |
| Monopoly | A company that has complete control over the supply of a product or service |
| Tenement | A low cost apartment building that often has poor standards of sanitation, safety, and comfort, and is designed to house as many families as possible |
| Bessemer Process | A method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly |
| American Federation of Labor | A national labor organization, founded in 1886, that consisted mainly of skilled workers and focused on higher wages and shorter work days |
| Knights of Labor | A national labor union joining skilled and unskilled workers created in 1869 which demanded an 8 hours work day, higher wages and safety codes in factories; opposed child labor and supported equal pay for women and restrictions on immigrantion |
| Ethnic Ghetto | A neighborhood or part of a city where people belonging to the same ethnic group live |
| Transcontinental Railroad | A rail line extending from coast to coast |
| National Market | A system where businesses can sell their products to people in every part of the country rather than just locally |
| Free Enterprise System | An economic system that relies on private ownership of property, competition for profits, and the forces of supply and demand to produce needed goods and services and that discourages government regulation |
| Political Machine | An organization consisting of full-time politicians whose main goal was to retain political power and the money and influence that went with it |
| Labor Union | An organization of workers formed to protect the rights and interests of its members |
| New Immigrants | Europeans who moved to the US who came from Southern and Eastern Europe between 1880-1900; these people were often Catholic, Jewish or Orthodox Christian rather than Protestant and spoke no English |
| Philanthropy | Giving money to support worthy causes |
| Political Bosses | Powerful leaders who ran local politics in many cities, providing jobs and social services to immigrants in exchange for political support |
| Push-Pull Factors | Reasons that people are either forced to leave their home countries or are attracted to move to countries other than their own |
| Americanization | The assimilation of immigrants into American society, a goal of some patriotic groups who feared that increased immigration threated American society and values |
| Laissez-Faire | The idea that the free market, through supply and demand, will regulate itself if government does not interfere; hands-off approach by the government toward business |
| Gilded Age | The period between 1860-1900 during which American entrepreneurs created immense wealth and led lavish lifestyles |
| Nativism | The policy of favoring the interests of native-born Americans over those of immigrants |
| Urbanization | The process by which towns and cities are formed and become larger as more and more people begin living and working in central areas |
| Demography | The study of changes (such as the number of births, deaths, marriages, and illness) that occur over a period of time in human populations |
| Child Labor | Using children as workers rather than allowing them to go to school |
| Robber Baron | Wealthy entrepreneurs who used ruthless tactics to destroy competition and to keep their workers' wages low |
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