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Ch 4 vocab 8/20/10
quiz taken
| Question | Answer |
|---|---|
| entrepreneur | people who invests money in a product or company to make a profit |
| protective tariffs | taxes that would make imported goods cost more than those made locally |
| laissez-faire | allowed businesses to operate under minimal government regulation |
| patent | a grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time |
| Thomas Edison | inventor who in 1876 established a research lab at Menlu Park, New Jersey |
| Bessemer process | method developed in the mid-1800s for making steel more efficently |
| suspension bridge | bridges in which the roadway is suspended by steel 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 right and liabilities separate from each of its members |
| cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| John D. Rockefeller | an oil tycoon that made deals with railroads to increase his profits |
| horizontal integration | system of consolidating many firms in the same business |
| trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| Andrew Carnegie | steel tycoon that increased power by gaining control of the many different business that make up all phases of a product's development |
| vertical integration | system of consolidating firms involved in all steps of a product's manufacturing |
| Social Darwinism | the belief in the late 19th century that certain nations and races were superior and destined to rule over them |
| Interstate Commerce Commission (ICC) | first federal agency monitoring business operations, created in 1887 to oversee intestate railroad procedures |
| Sherman Antitrust Act | In 1890, the Senate passed this which outlawed any trust that operated "in restraint of trade or commerce among the several states." |
| sweatshops | Factory workers that worked 12 hours a day, 6 days a week in a small, dark, hot, and dirty workhouses called sweatshops |
| company town | housing places for miners that was owned by the business or rented out by employees |
| collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions |
| socialism | a movement in the 1830s thats an economic and political philosophy that favors public control of property income |
| Knights of Labor | labor union that sought to organize all workers and focused on broad social reforms |
| Terence V. Powderly | leader of the Knights. Worked in a menial job on railroads before becoming mayor of Scranton, PA in the 1870s |
| Samuel Gompers | formed the American Federation of Labor (AFL) in 1886 |
| American Federation of Labor (AFL) | labor organization that organized skilled workers in specific trades and made small demands rather than seeking broad chances |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended violently |
| Homestead Strike | part of the epidemic of steelworkers' and miners' strikes that took place as the economic depression spread across America |
| Eugene V. Debs | leader of the American Railway Union (ARU) who condemned the railroad strike of 1877 |
| Pullman Strike | violent 1894 railway workers' strike which began outside Chicago and spread nationwide |
Created by:
myrannaknight
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