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Triumph of industry
| Term | Definition | null | null |
|---|---|---|---|
| Entrepreneur | Person who invests money in a product or buisness with the goal of making a profit | ||
| Protection tariff | Tax on imported goods making the price high enough to protect domestic goods from foreign competition | ||
| Laissez-faire | As in the absence of government control over private business | ||
| Patent | Official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time | ||
| Bessemer process | Method developed in the mid 1800's for making steel more efficiently | ||
| Suspension bridge | Bridge that has a roadway suspended by cables | ||
| Time zone | Any of the 24 longitudinal areas of the world within which the same time is used | ||
| Mass production | Production of goods in large numbers through the use of machinery and assembly lines | ||
| Corporation | Company recognized as a legal unit that has rights and liabilities separate from each of its members | ||
| Monopoly | Exclusive control by one company over an entire industry | ||
| Cartel | Association of producers of a good or service that prices and controls stocks in order to monopolize the market | ||
| Horizontal integration | System of consolidating many firms in the same business | ||
| Trust | Group of separate companies that are placed under the control of a single managing bird in order to form a monopoly | ||
| Vertical integration | System of consolidating firms involved in all steps of a products manufacture | ||
| Social Darwinism | The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them | ||
| Sweat shop | Small factory where employees have to work long hours under poor conditions for little pay | ||
| Company town | Community whose residents rely upon one company for jobs, housing and shopping | ||
| Collective bargaining | Process in which employers negotiate with labor unions about hours, wages and other working conditions | ||
| Socialism | System or theory under which the means of production are publicly controlled and regulated rather than owned by individuals |
Created by:
Abies
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