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ch. 4 26 words

TermDefinition
1. entrepreneur a person who invest money into a business or company to make profit.
2. protective tariff tax on imported goods making tyhe price high enough to protect domestic goods from foreign competition.
3. laissez faire lenient, the government control has absence over private businesses.
4. atent official rights given by the government to an inventor to make, use, or sell their product for a set period of time.
5. bessemer process made in the mid 1800's to making steel more efficiently.
6. suspension bridge a bridge that has a roadway suspended by cables.
7. time zone 24 longitudinal areas of the world within which the same time is used.
8. mass production large numbers of production of goods through the use of mashinary and assembly lines.
9. corporation company recognized as a legal unit that has rights and liabilties separate from each of its members.
10. monopoly exclusive control by one company over an entire industry.
11. cartel association of producers of a good or service that prices and controls stocks in order to monopolize the market.
12. horizontal integration system of consolidating many firms in the same business.
13. trust group of separate companies that are placed under the control of a single managing board in order to form a monopoly.
14. vertigal integration system of consolidating firms involved in all steps of a product's manufacture.
15. social darwinism the belief help by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them.
16. ICC interstate commerce commission, first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures.
17. sherman antitrust act 1890 law banning any trust that restrained interstate trade or commerce.
18. sweatshop small factory where employees have to work long hours under poor comfitions for little pay.
19. company town community whose residents relu upon one company for jobs, housing, and shopping.
20. collective bargaining process in which employers negotiate with labor unions about hours, wages, and other working conditions.
21. socialism system or theory under which the means of production are publicly controlled and regulated rather than owned by indiviuals.
22. knights of labor labor union that sought to organize all workers and focused on broad social reforms
23. AFL the american federation of labor andthe congress of industrial organization (CIO) labor unions united.
24. haymarket riot 1886 labor-related protest in Chicago which ended in deadly violence.
25. homestead strike 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania.
26. pullman strike violent 1894 railway workers' strike which began outside of Chicago and spread natinwide.
Created by: erin_casey