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Industrail chapter1

TermDefinition
Entrepreneur People who invest money in a product or enterprise in order to make profit.
Protective tariff Taxes that would make imported goods cost more than those made locally.
Laissez faire Which allowed businesses to operate under minimal government regulation.
Patent Grant by the federal government giving an iventor exclusive right to develop, use and sell an inventiom for a set period of time.
Bessemer process Method developed in the middle 1800s for making steel more efficiently.
Suspension bridge Bridge that has a road way suspended by steel cables.
Time zone Any of tge 24 longitudinal areas of the world within which the same time is used.
Mass production Production of goods in large numbers through the use of machinery and assembly lines.
Corporation Company recognized 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 controlls stocks in order to monopolize that market.
Horizontal integration System of consoilidating mamy firms in the same business.
Trust Group of separate compains that are places under the control of a single managing board in order to form a monopoly.
Vertical integration System of consoilidating firms inboled in all steps of a product's manufacture.
Social Darwinism The belief held by some in ths 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 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 thab owned by individuals.
Created by: Shelbie Foster