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Triumph of history
| Term | Definition |
|---|---|
| Entrepreneur | To invest money in a product or company with the goal of making profit |
| Protecive tariff | Taxes that would make imported goods cost more than ones made locally |
| Laissez-faire | Allowed business to operate under minimal government regulations |
| Patent | Is a grant by the government giving exclusive rights to develop, use, and sell an invention |
| Tomas Edison | An inventor who held more than 1000 patents |
| Bessemer process | A method of making steel more efficiently |
| Suspension bridges | Bridges suspended by steel cables |
| Time zones | Dividing the world in to different times. By hours |
| Mass production | A way to make good faster and cheaper using machines |
| 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 | is the process of a company increasing production of ut utgoods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger. The process can lead to monopoly |
| 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. |
| Socal Darwinism | groups, and peoples 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 | a place where practically all stores and housing are owned by the one company |
| 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:
Gagewill
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