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U.S. History

Ch. 9- Sect 3 & 4

QuestionAnswer
corporation an organization owned by many people but treated by law as though it were a single person
stockholders people who own the corporation
stock shares of ownership of a corporation
economies of scale is when corporatoins make goods more cheaply because they produce so much so quickly using large manufacturing facilities
fixed costs are cost a company has to pay
operating costs are costs that occur when running a company
pools agreements to maintain prices at a certain level
andrew carnegie illustrated many of the different factors that led to industrialism and the rise of big business
horizontal integration or combining many firms engaged in the same type of business into one large corporation
monopoly when a single company achieves control of an entire market
deflation or a rise in the value of money
trade unions limited to people with specific skills
industrial unions united all craft workers and common workers and common laborers in a particular industry
blacklist workers who tried to organize a union or strike were fired and placed on a list of "troublemakers".
marxism ideas of karl marx
knights of labor the first nationwide industrial union
arbitration a process in which an impartial third party helps workers and management reach an agreement
Samuel Gompers American Federation of Labor's first leader
closed shops meaning that companies could only hire union members
Women's Trade Union League the first national assocation dedicated to promoting women's labor issues
Created by: asc1892
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