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chapter 4
| Question | Answer |
|---|---|
| Entrepreneur | A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so. |
| Protective Tariff | A tariff imposed to protect domestic firms from import competition |
| Laissez Faire | A policy or attitude of letting things take their own course, without interfering |
| Patent | A government authority or licence conferring a right or title for a set period, esp. the sole right to exclude others from making, using, or selling an invention |
| Bessemer Process | A steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort |
| Suspension Bridge | A bridge in which the weight of the deck is supported by vertical cables suspended from larger cables that run between towers and are anchored in abutments at each end. |
| Time Zone | |
| Mass Production | The production of large quantities of a standardized article |
| Corporation | A company or group of people authorized to act as a single entity |
| Monopoly | The exclusive possession or control of the supply or trade in a commodity or service. |
| Cartel | An association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition |
| Horizontal | Merging companies that are engaged in the same stage or type of production |
| Integration | The action or process of integrating. |
| Trust | Confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others. |
| Vertical Integration | The combination in one company of two or more stages of production normally operated by separate companies. |
| Social Darwinism | The theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals. |
| ICC | |
| Sherman Antitrust Act | The Sherman Antitrust Act is a landmark federal statute on United States competition law passed by Congress in 1890. |
| Sweatshop | A factory or workshop, esp. in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions |
| Company Town | A company town is a place where, at least initially, practically all stores and buildings are owned by the one joint-stock company |
| Collective Bargaining | egotiation of wages and other conditions of employment by an organized body of employees. |
| Socialism | A political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| Knights of Labor | The Knights of Labor was the largest and one of the most important American labor organizations of the 1880s. |
| AFL | American Federation of Labor: a federation of North American labor unions that merged with the Congress of Industrial Organizations in 1955 |
| Haymarket Riot | The Haymarket affair refers to the aftermath of a bombing that took place at a labor demonstration on Tuesday May 4, 1886, at Haymarket Square in Chicago. |
| Homestead Strike | The Homestead Strike, also known as the Homestead Steel Strike, was an industrial lockout and strike which began on June 30, 1892. |
| Pullman Strike | The Pullman Strike was a nationwide railroad strike in the United States in the summer of 1894. |
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