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Chapter 4 Vocabulary

TermDefinition
Entrepreneur People who invest money in a product or enterprise in order to make a profit.
Protective Tariff Tax on imported goods making the price high enough to protect domestic goods from foreign competition.
Laissez Faire Lenient, as in the absence of government control over private business.
Patent Official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time.
Bessemer Process Method developed in the mid-1800s for making steel more efficiently.
Suspension Bridge Bridge that has a roadway suspended by cables.
Time Zone Any of the 24 longitudinal areas of the world within which the same time is used.
Mass Production Production of goods in large numbers through the use of machinery and assembly lines.
Corporation Company recognized as a legal unit that has rights and liabilities separate from each of its members.
Monopoly Exclusive control by one company over an entire industry.
Cartel Association of producers of a good or service that prices and controls stocks in order to monopolize the market.
Horizontal Integration System of consolidating many firms in the same business.
Trust Group of separate companies that are placed under the control of a single managing board in order to form monopoly.
Vertical Integration System of consolidating firms involved n all steps of a product's manufacture.
Social Darwinism The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them.
ICC First federal agency monitoring business operations, created in 1887 to overuse interstate railroad procedures.
Sherman Antitrust Act 1890 law banning any trust that restrained interstate trade or commerce.
Sweatshop Small factory where employees have to work long hours under poor conditions for little pay.
Company Town Community whose residents rely upon one company for jobs, housing, and shopping.
Collective Bargaining Process in which employers negotiate with labor unions about hours, wages, and other working conditions.
Socialism System or theory under which the means of production are publicly controlled are regulated rather than owned by individuals.
Knights of Labor Labor union that sought to organize all workers and focused on broad social reforms.
AFL In 1955, the American Federation of Labor (AFL) and the Congress of Industrial Organization (CIO) labor unions united.
Haymarket Riot 1886 labor-related protest in Chicago which ended in deadly violence.
Homestead Strike 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania.
Pullman Strike Violent 1894 railway workers' strike which began outside of Chicago and spread nationwide.
Created by: cameronbal70
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