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Triumph of Industry

TermDefinition
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