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Triumph industry

TermDefinition
Entrepreneur a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Protective tariff A duty imposed on imports to raise their price, making them less attractive to consumers and thus protecting domestic industries from foreign competition.
Laissez faire a policy or attitude of letting things take their own course, without interfering.
Patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.
Bessemer process a steel-making process, now largely superseded, in which carbon, silicon, and other impurities are removed from molten pig iron by oxidation in a blast of air in a special tilting retort
Suspension bridge is a type of bridge in which the deck (the load-bearing portion) is hung below suspension cables on vertical suspenders.
Time zone an area or stretch of land having a particular characteristic, purpose, or use, or subject to particular restrictions.
Mass production The manufacture of goods in large quantities by machinery and by use of techniques such as the assembly line and division of labor.
Corporation A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter.
Monopoly the exclusive possession or control of the supply or trade in a commodity or service.
Cartel an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
Horizontal integration the process of a company increasing production of goods or services at the same part of the supply chain.
Trust firm belief in the reliability, truth, ability, or strength of someone or something.
Vertical interception The value of c is called the vertical intercept of the line. It is the value of y when x = 0. When drawing a line, c gives the position where the line cuts the vertical axis.
Social Darwinism the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals.
Sweatshop a factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions.
Company town A company town is a place where practically all stores and housing are owned by the one company that is also the main employer.
Collection bargaining negotiation of wages and other conditions of employment by an organized body of employees.
Socialism a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Created by: Keaton Graf