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Triumph of Industry

TermDefinition
Entrepreneur People that invest money in a product or enterprise to make a profit.
Protective Tariff Taxes that would make imported goods cost more than those made locally.
Laissez-Faire Allowed businesses to operate under minimal government regulation.
Patent Grant by the federal government giving an inventor the exclusive right to develop, 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 Bridges Bridge that has a roadway suspended by cables.
Time Zone any of the 24 longitudinal areas of the world within 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 controls stocks in order to monopolize the market.
horizontal integration system on 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 consolidating firms that involved in all steps of a products manufacture.
social darwinism the belief held by some in the late nineteenth century that certain nations and faces 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 than owned by individuals.
Created by: TaylorCessna
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