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Triumph of indestry

U.S. History

TermDefinition
Entrepreneur People who invest money in a product or enterprise in order to make profit
Protective Tariff Taxes that make imported goods cost more than goods made locally
Laissez Faire Allows businesses to operate under minimal government regulation
Patent Granted 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 Process for purifying iron.
Suspension bridges Bridges in which the roadway is suspended by steel cables
Time zones One for each hour of the day.
Mass production Systems depending on machinery to carry out tasks that were once done with hand tools
Corporation A form of group ownership
Monopoly Complete control of product or service
Cartel Eliminates competition with other businesses
Horizontal integration System of of consolidating many firms in the same business
Trust Companies assign their stock to a board of trustees, who combine them into a new organization
Vertical integration Allowed companies to reduce costs and charge higher prices to competitors
Social Darwinism Animals evolved by process of "natural selection" and only the fittest survived
Sweatshop A factory or workshop, especially in clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions.
Company town All stores and housing are owned by one company that is also the main employer.
Collective bargaining Negotiations by represebtative of a group of employees, often a labor union, pertaining to conditions of employment, such as wages and working conditions.
Socialism An economic system in which the production and distribution of goods are controlled substantially by the government rather than by private enterprise, and in which cooperation rather than compitition guides economic activity.
Created by: 844007312435098