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Vocab 1
vocabulary
Question | Answer |
---|---|
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. |