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Triumph of Industry

TermDefinitionundefined
Entrepreneur People who invest money in a product or enterprise in order to make a profit
Protective Tariff Tax on imported goods making the price high enough to protect domestic goods from foreign competition.
Laissez faire Lenient, 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 develope, use, and sell an invention for a set period of time.
Bessemer Process Method developed in the mid 1800s 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 Productions of goods in large numbers through the use of machinery and assembly lines.
corperation Company recognized as 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
Trust
Vertical Integration
Social Darwinism
Sweatshop
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.
system of consolidating
Created by: MichaelGreen