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vocablary

TermDefinition
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 duty imposed on imports to raise their price, making them less attractive to consumers and thus protecting domestic industries from foreign competition.
laissez faire a policy or attitude of letting things take their own course, without interfering.
patent a government authority or license 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Bessemer process a steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort (a Bessemer converter )
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 an area or stretch of land having a particular characteristic, purpose, or use, or subject to particular restrictions.
mass production the production of large quantities of a standardized article (often using assembly line techniques)
corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
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 parallel to the plane of the horizon; at right angles to the vertical.
integration the action or process of integrating.
trust firm belief in the reliability, truth, ability, or strength of someone or something.
vertical integration the combination in one company of two or more stages of production normally operated by separate companies.
social Darwinism The application of Darwinism to the study of human society, specifically a theory in sociology that individuals or groups achieve advantage over others as the result of genetic or biological superiority.
ICC The governmental commission charged with making and enforcing regulations concerning interstate commerce
Sherman antitrust act 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 community that is dependent on one firm for all or most of the necessary services or functions of town life (as employment, housing, and stores)
collective bargaining negotiation 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 largest and one of the most important American labor organizations of the 1880s. Its most important leader was Terence V. Powderly.
afl American Federation of Labor: a federation of North American labor unions that merged with the Congress of Industrial Organizations in 1955
haymarket riot scene of a riot in 1886 between police and labor unionists
homestead a person's or family's residence, which comprises the land, house, and outbuildings, and in most states is exempt from forced sale for collection of debt.
pullman strike a nationwide railroad strike in the United States in the summer of 1894. It pitted the American Railway Union against the Pullman company, the main railroads, and the federal government of the United States under President Grover Cleveland.
Created by: demontes06