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Triumph of Industry

U.S. History

TermDefinition
Laissez fair a policy or attitude of letting things take their own course, without interfering
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 duty imposed on imports to raise their price, making them less attractive to consumers and thus protecting domestic industries from foreign competition
Patent a government authority or license conferring a right or title for a set period, especially 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Bessemer Process a steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort
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 manufacture of goods in large quantities by machinery and by use of techniques such as the assembly line and division of labor
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 Integration process of a company increasing production of goods or services at the same part of the supply chain
Trust confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others
Vertical Integration the combination in one company of two or more stages of production normally operated by separate companies
Social Darwinism the theory that individuals, groups are subject to the same Darwinian laws of natural selection as plants and animals.
Sweatshop a factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions
Company town place where practically all stores and housing are owned by the one company that is also the main employer
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
Created by: lillygalvez