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Triumph of Industry
| Term | Definition |
|---|---|
| Entrepreneur | People who invest product or enterprise in order to make a profit. |
| Protective Tariff | Taxes that would make imported goods cost more than those made locally. |
| Laissez Faire | Allowed businesses to operate under minimal government regulation. |
| Bessemer Process | Process for purifying iron, resulting in strong, but lightweight, steel. |
| Suspension Bridge | Bridges in which the roadway is suspended by steel cables. |
| 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 |
| Monopoly | Exclusive control by one company over an entire industry |
| Time Zone | Any of the 24 longitudinal areas of the world within which the same time is used. |
| Cartel | Association of producers of a good or service that prices and controls stocks in order to monopolize the market. |
| Mass Production | Production of goods in large numbers through the use of machinery and assembly lines. |
| Horizontal Integration | System of consolidating many firms in the same business. |
| Corporation | Company recognized as a legal unit that has rights and liabilities separate from each of its members. |
| Cartel | Association of producers of a good or service that prices and controls stocks in order to monopolize the market. |
| Vertical Integration | System of consolidating firms involved in all steps in all steps of a product's manufacturer. |
| Horizontal Integration | System of consolidating many firms in the same business. |
| Trust | Group of separate companies that are placed under control of a single managing board in order to form a monopoly. |
| Sweatshop | Small factory where employees have to work long hours under poor conditions for little pay. |
| 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 |
| Sweatshop | Community whose residents rely upon one company for jobs, housing, and shop-ping. |
| Company Town | Community whose residents rely upon one company for jobs, housing, and shop-ping. |
| 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:
CortlandB
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