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Industrial Age

TermDefinition
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
Created by: Luke.Snit