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US History:Chapter12
| Term | Definition |
|---|---|
| laissez-faire | "let people do as they choose" (french phrase) |
| economies of scale | the costs of manufacturing is decreased by producing goods quickly in large quantities |
| credit-mobilier | was a construction company set up by several stockholders of the union pacific railroads, including oakes ames, a member of congress |
| monopoly | when a single company achieves control of an entire market |
| lockouts | when workers formed a union, companies used this to break it |
| horizontal integration | combining firms in the same business into one large corporation |
| vertical integration | when a company owns all the different businesses on which it depends for its operation |
| big manufacturers | usually have high fixed costs but have low operating costs |
| small manufacturers | usually have low fixed costs but have high operating costs |
| the great northern railroad | railroad that went from Wisconsin and Minnesota in the east to Washington in the west without any federal land grants or subsides |
| pools | agreements to keep prices at a certain levels |
| chain stores | a group of retail outlets owned by the same company, first appeared in the mid 1800s |
| department stores | provided a huge selection of products in one large, elegant buildings |
| strikebreakers | if the union called a strike, employers would hire replacements called this |
| anarchists | believed that society doesn't need any type of government |
| the knights of labor | founded in 1869, took a different approach to labor issues. Its leader, Terrence Powderly, opposed stikes, preferring to use boycotts to pressure employers |
| the american federation of labor (AFL) | was the dominant union of the late 1800s. In 1886 leaders of several national trade unions came together to create the AFL |
| fixed costs | costs a company has to pay, whether or not it is operating |
| hold company | A company whose primary business in zoning a controlling share of stock in other companies |
| industrial unions | which united all workers in a particular industry |
| operating costs | costs that occur when running a company, such as paying wages and shipping costs, and buying raw material and supplies |
| trade unions | An organization of workers with the same trade or skill |
| trusts | is a legal arrangement that allows one person to manage another person's property |
| pacific railway act | this act provided for the construction of the transcontinental railroads by two corporations |
| Andrew Carnegie | Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century. |
| Mark Marx | argued that the basic force shaping captious society was the class struggle between workers and owners |
| Edwin Drake | Drilled the first oil well newer Titusillve, Pennsylvania |
| Cornelius Vanderbilt | An American tycoon, businessman, and philanthropist who built his wealth in railroads and shipping. |
| Samuel Gompers | was the first president of the AFL |
| Thomas Edison | invented the light bulb, he was an inventor |
| John D. Rockefeller | The most famous industrialist who achieved almost complete horizontal integration of his industry, which was oil. |
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GrapeJuice123
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