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Industrial Age
Term | Definition |
---|---|
Entrepreneur | People that 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 absence of govt. control over private business |
Patent | Official rights given by the govt. to an investor for the exclusive right to develop use and sell an invention for a set period of time. |
Bessemer process | Method in 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 | Production of goods in large numbers through the use of machinery |
Corporation | Company recognized as a legal unit that has rights and liabilities separate from each other |
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 | System of consolidating many firms in the same business |
Trust | Group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
Vertical integration | System of consolidation firms involved in all steps of a products manufacture |
Social Darwinism | The belief held by some in the late nineteenth century that certain nations and races were superior to others therefore destined to rule over them |
Sweatshop | Small factory where employees work long hours under poor conditions for little pay |
Company town | Community whose residents rely upon one company for a jobs, housing and shopping |
Collective bargaining | Employees negotiate with labor unions about hours, wages and other working conditions |
Socialism | System or theory under which the means of production are publicity controlled and regulated rather than owned by individuals |