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Vocab 1

vocabulary

QuestionAnswer
1) Entrepreneur Person who invests money in a product or business to make money
2) Protective Tariff Tax on imported goods making the price high to protect domestic goods from competition
3) Laissez-faire lenient, the absence of government control over private business.
4) Patent Official rights given by the government to an inventor for the right to develop, use, and sell an invention for a certain amount of time.
5) Bessemer process Method developed in the mid-1800s for making steel easier
6) Suspension bridge Bridge that has a road suspended by cables.
7) Time Zone 24 longitudinal areas of the world where the same time is used.
8) Mass Production Production of goods in large numbers through the use of machinery and assembly lines.
9) Corporation Company that has legal rights and liabilities that separate from each of its members.
10) Monopoly Control by one company over an entire industry.
11) Cartel Association of producers that price and control stocks in order to monopolize the market.
12) Horizontal Integration System of involving many firms in the same business.
13) Trust Separate companies that are placed under the control of a managing board to form a monopoly.
14) Vertical Integration System of involving firms in all steps of a products manufacture.
15) Social Darwinism The belief that in the late nineteenth century that certain nations and races were superior to others and were destined to rule over them.
16) ICC First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
17) Sherman Antitrust ACT 1890 law banning any trust that halted interstate trade or commerce
18) Sweatshop Small factory where employees work long hours under poor conditions for little pay.
19) Company Town Community where people rely upon one company for jobs, housing, and shopping.
20) Collective Bargaining Process in which employers negotiate with labor unions about hours, wages, and other conditions.
21) Socialism System which the production is publicly controlled and regulated rather than owned by individuals.
22) Knights of Labor Labor union that wanted to organize all workers and focused on social reforms.
23) AFL Labor union that organized skill workers in specific jobs and made small changes rather than seeking broad changes.
24) Haymarket Riot 1866 labor-related protest in Chicago which ended in deadly violence.
25) Homestead Strike 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania.
26) Pullman strike Violent 1894 railway workers' strike that began outside of Chicago and spread nationwide.
Created by: Brady Crews