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Vocabulary

Chapter 4

QuestionAnswer
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
Created by: ashley3450