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US History:Chapter12

TermDefinition
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.
Created by: GrapeJuice123