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chapter 4

chapter 4 vocabulary

TermDefinition
1.)entrepreneur- people who invest money in a product or enterprise in order to make profit.
2.)protective tariffs- taxes that would make imported goods cost more than those made locally.
3.)laissez-faire allowed businesses to operate under minimal government regulation.
4.)patent a grant by the federal government giving an inventor the exclusive right to develop, use,sell an invention for a set period of time.
5.)Bessemer process- method developed in the middle 1800's for making steel more efficiently.
6.)suspension bridge- the roadway is suspended by steel cables.
7.) time zones- any of the 24 longitudinal areas of the world within which the same time is used.
8.)stimulated- to excite to action.
9.)mass production- systems depend on machinery to carry out tasks that were done with hand tools.
10.)corporation- to take advantag3e of expanding markets, investors developed a form of group ownership.
11.)monopoly- complete control of a product or service.
12.)cartel- buisnesses making the same product agree to limit their production and thus keep the prices high.
12.)horizontal integration- system of consolidating many firms in the same business.
13.)trust- companies assign their stock to a board of trustees, who combine them into a new organization.
14.)vertical integration- allows companies to reduce costs and charge higher prices to competitors.
15.)social Darwinism- wealth was a measure of ones inherent value and those who had it were the most "fit".
16.)interstate commerce commission(ICC)- to oversee railroad operations.
17.)restraint- holding back or checking of action.
18.)Sherman antitrust act- outlawed any trust that operated "in restraint of trade or commerce among the several states."
19.)sweatshops- small factories where employees have to work long hours under poor conditions for little pay.
20.)company towns- owned by business and rented out to employees.
21.)collective bargaining- negotiating as a group for higher wages or better working conditions.
22.)socialism- an economic and political philosophy that favors public, instead of private, control of property and income.
23.)knights of labor- labor union that sought to organize all workers and focused on broad social reforms.
24.)American federation of labor(AFL)- labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes.
25.)Haymarket riot- 1886 labor-related protest in Chicago which ended in deadly violence.
26.)homestead strike- an epidemic of steelworkers' and miners' strikes that took place as economic depression spread across America.
27.)Pullman strike- violent 1894 railway workers' strike which began outside of Chicago and spread nationwide.
28.)trend- general course of events.
Created by: p_mack97