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Industrial Age CH 1

TermDefinition
Patent A patent is a grant by the federal government giving an inventor the exclusive right to develop,use, and sell an inventions for a set period of time.
Entrepreneur People who invest in a 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 Police's that allowed businesses to operate under minimal government regulation.
Suspension bridges Bridges with roadways suspended by steel cables.
Time zone Any of the 24 longitudinal areas of the world within which same time is used.
Mass production A system for turning out large numbers of products quickly and inexpensively.
Corporation A group of people sharing ownership of a business.
Monopoly Complete control of a product or service.
Cartel Association of producers of a good or service that prices and control stocks in order to monopolize the market.
Horizontal integration System of consolidating many firms in the same business
Trust Companies assign their stock to a bored of trustees, who combine then into a new organization.
Vertical integration System of consolidating firms involved in all steps of a product's manufacture.
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 Small factory where employees have to work long hours under poor conditions for little pay.
Company town Community whose resident 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 owed by individuals.
Bessemer process Method developed in the mid-1800s for making steel for more efficiently.
Entrepreneur Person who invests money in a product or business with the goal of making a profit.
Created by: Nyakord