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chapter 4

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Bessemer Process A steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort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.
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.
Created by: 100003074064042