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Vocabulary
Chapter 4
| Question | Answer |
|---|---|
| entrepreneur | a person who invest money into a product in order to make money |
| protective tariff | prices that made imports cost more so that people would want to buy american made goods |
| laissez-faire | businesses owned under minimal government |
| patent | a grant given by the government, it was like a good job for inventors |
| bessemer process | Henry Bessimer, it was a machiene that made steel production easier, it blew puffs of air into the iron to take out the carbon. |
| suspension bridge | a bridge with a roadway that is suspended by cables |
| time zone | when the world was divided into 24 areas in order for people to have some sort of universal time |
| mass production | when factories produces a lot of a single product and it was usually a very fast production of the product. |
| corporation | company as a legal unit that has different rights for all of its members |
| monopoly | whena person buys a business then takes out all the businesses competetors so that he owns the whole thing |
| cartel | people who control the price of a product in order to monopolize a the market |
| horizontal integration | consoilidating many members in the same business |
| trust | separate companies that are managed by one group of people in order to form a monopoly |
| vertical integration | consoilidating businesses in all steps of a products manufacture |
| social darwinism | the belief that some races and people were above others |
| ICC | interstate commerce comissionsoversaw all railroad opporations |
| Sherman Antitrust Act | law banning interstate trade |
| sweatshop | small factore with long hours and little pay |
| company town | community that relys on one business for everything |
| collective bargaining | when employers negotiate with labor unions about money, working conditions, and hours |
| socialism | the belief that a factory should be controled and regulated |
| knights of labor | labor union that focused on social reforms |
| AFL | American Federation of Labor, managed the labor |
| Haymarket Riot | 1886 labor related protest in chicago it ended in violence |
| Homestead Strike | it gave 160 acres of land to citizens if they agrees to care for it for 5 years |
| Pullman Strike | strike of the railroad workers, it started in chicago |
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ashley3450
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