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Triumph of Industry
| Term | Definition |
|---|---|
| Entrepreneurs | People who invest money in a product or enterprise in order to make a profit. |
| Protective tarrifs | Taxes that would make imported goods cost more than those made locally. |
| Patent | A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time. |
| Bessemer process | A process of purifying iron, resulting in strong, but lightweight steel. |
| Suspension bridges | Bridges in which the roadway is suspended by steel cables. |
| Mass production | Systems developed for turning out large numbers of products quickly and inexpensively. |
| Corporation | A form of group ownership. |
| Monopoly | Complete control of a product or service. |
| Cartel | Where businesses making the same product agree to limit their production and thus keep prices high. |
| Trust | Where companies assign their stock to a board of trustees, who combine them into a new organization. |
| Vertical Intergration | Allowed companies to reduce costs costs and charge higher prices to competitors. |
| Social Darwinism | That wealth was a measure of one's inherent value and those who had it were most "fit." |
| Sweatshops | Small, hot, dark, and dirty workhouses. |
| Company town | Housing in isolated communities. |
| Collective bargaining | Where factory workers tried to gain more power against employers. |
| Socialism | Economic and political philosophy that favors public, instead of private, control of property and income. |
Created by:
Alexð°ð
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