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2nd Industrial Rev

Vocabulary Quiz

TermDefinition/Question
entrepreneurs The heroes of this capitalistic system were ____________________, or people who would invest time and money to build and manage businesses in order to make a profit.
free enterprise freedom to run a business for profit with minimal regulation beyond what is necessary to protect the public interest
protective tariffs taxes that made imported goods more expensive than goods that were made here in the United States to promote the buying of American goods
patent A _______________ is a grant by the federal government giving an inventor the exclusive right to develop, use, and sell and invention for a set period of time
mass production What helped factory owners meet the demands for making large numbers of products quickly and inexpensively with machinery? (the system)
stimulated "In addition, the expanding railroad network ____________, excited to action, innovation in many other industries."
market What is an area of economic activity called in which buyers and sellers come together and process of supply and demand effect prices?
corporation What type of business has a number of people who share the ownership as investors?
horizontal integration To decrease costs and increase profits a business would merge competing companies into a giant company that would lower production costs, kinda like Walmart. What is this called?
monopoly What is it called when a company buys its competitors or drives them out of business so they can gain complete control of a product or service?
cartel In this type of arrangement, businesses making the same product agree to limit their production so they can keep prices high and make more of a profit.
vertical integration A company would integrate all of the businesses that provide the raw materials, the distribution processes and the retail places in order to control the prices and the supply of a product. What is this practice called?
Social Darwinism What is the name given to the "natural selection" process of the "rough-and-tumble world of American capitalism"?
sweatshops small, hot, dark, dirty workhouses that poor immigrants worked in for long hours
company towns isolated communities located near workplaces that were owned by the business which rented places to the employees and used unfair practices such as "wage slavery" to hold on to their employees
collective bargaining What is the technique called that is used by labor unions in which negotiating is done as a group for higher wages or better working conditions for employees?
socialism an economic and political philosophy that favors public control of property and income over private ownership which would allow wealth to be distributed equally to everyone
consolidate to bring together as a whole
communism a form of government in which the state controls ALL production
discrimination unfairly treating a group of people differently
Created by: Ms. Marshall