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Chapter 4 vocab-8/19
| Question | Answer |
|---|---|
| Entrepreneur | people who invest money in a product. |
| protective tariff | taxes that make imported goods cost more |
| Laissez-faire | allows businesses to operate under minimum government regulations |
| Patent | grant by federal gov. giving an inventor to sell his product |
| Thomas Edison | inventor who made the light bulb |
| Bessemer process | method made in mid-1800s for making steel better |
| Suspension bridge | bridge that has roadways suspended by cables |
| Time zone | any of the 24 longitudinal areas with the same time |
| Mass production | production of goods in large numbers through assembly line. |
| Corporation | company as a legal unit that has rights separated from each number |
| Monopoly | exclusive control by one company over an industry |
| Cartel | producer of a service that prices and controls stock to monopolize the market |
| John D. Rockefeller | oil tycoon |
| horizontal integration | consolidating firms in the same district. |
| trust | separated companies that are under control of one managing board in order to form a monopoly |
| Andrew Carnegie | Steel tycoon |
| Vertical integration | consolidating firms involved in all steps of a product manafacture |
| Social Darwinism | belief that certain races were better and and destained rules |
| ICC | 1st federal agencies watching businesses operation on the interstate railroad |
| Sherman Antitrust act | 1890 law banned trust for interstate trade or commerce |
| Sweatshop | small factory where workers have to work for long hours under poor conditions for little pay |
| Company town | community whose residents rely upon one company |
| Collective bargining | employers negotiate with labor unions about hours, wages, and other working conditions |
| Socialism | system under production are publicly controlled and regulated rather than owned by individuals |
| Knights of labor | labor union that sought to organize all workers and focus on broad social reform |
| Terence v. Powderly | took on leadership of the knights |
| Samuel Gompers | he formed the American Federation of Labor (AFL) |
| AFL | labor union that organizes skilled workers in trades and made small demands |
| Haymarket riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead strike | 1892 strike against Carnegie's steelworks in homestead, Pennsylvania |
| Eugene V. Debs | Debs had begun work in a low-level railroad job while still a teenager |
| Pullman strike | violent 1894 railroad workers strike which began outside of Chicago and spread nation wide. |
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