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Triumph of Industry
| Term | Definition |
|---|---|
| Entrepreneur | person who invests money in a product or business with the goal of making 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 the absence of government control over private business |
| Patent | official rights given by the government to an inventor for 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 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 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 service that’s 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 places under the control of a single managing board in order to form a monopoly |
| Vertical Integration | system of consolidating 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 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 who 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 publicity controlled and regulated rather than owned by individuals |
Created by:
hayliemy
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