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Triumph of history

TermDefinition
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