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Chapter 4 Vocabulary
| Term | Definition |
|---|---|
| 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. |
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