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HMS 7 CH 20
The Industrial Age
| Term | Definition |
|---|---|
| consolidation | the practice of combining separate companies into one |
| railroad baron | powerful business leader who controlled a major railroad |
| standard guage | the distance between rails agreed upon by railroad companies; 4 feet 8.5 inches |
| rebates | a discount or return of part of a payment |
| pools | group sharing in some activity |
| Model T | early Ford car |
| assembly line | a factory method in which each worker performs a single task as the product moves by them |
| mass production | production of goods in large quantities |
| factors of production | land, labor and capital used to make goods |
| entrepreneurs | person who starts a business |
| corporation | business organization created with the purpose of doing business |
| stock | shares of ownership in a company |
| shareholder | person who buys shares of a company |
| dividend | shareholders share of a companies profits |
| trust | a group of companies controlled by a single board of trustees |
| monopoly | total control of an industry by one person or company |
| mergers | the combining of two or more companies |
| sweatshops | company where workers work long hours at low wages in poor conditions |
| labor unions | organization of workers who seek better pay and working conditions |
| collective bargaining | when unions represent a group of workers in discussions with an employer over wages, hours and working conditions |
| strikebreakers | person hired to replace a striking worker in order to break up a strike |
| injunction | a court order to stop something from happening |
Created by:
HMShistory
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