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Chapter 4 Vocab list
Chapter 4 Vocabulary
| Question | Answer |
|---|---|
| Entrepreneur | Person who invests money in a product or business with the goal of making a profit |
| Protective Tariff | Tax on imported good making price high enough to protect domestic goods from foreign competition |
| Laissez Faire | Lenient, as in the absence of government control over private business |
| Patent | Offical rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time. |
| Thomas Edison | One of history's most prolific inventors |
| Bessemer Process | Method developed in the mid 1800s for making steel more efficiently |
| suspension bridge | Bridge that has a roadway suspended by 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 the right and liabilities separate from each of its members |
| Monopoly | Exclusive control by one company over an entire industry |
| Cartel | Association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| John D. Rockerfeller | An oil Tycoon |
| 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 |
| Vertical Integration | System of consolidating firms involved in all steps of a product's manufacture |
| Social Darwinism | The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them |
| ICC | First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures |
| Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| Sweatshop | Small factory whose employees have to work Long hours and under poor conditions for a little pay |
| Company Town | Community whose residents rely upon one company for jobs, housing, and shopping |
| Collective Bargaining | Process in which employers negotiate with labor unions about hours, wages, and other working conditions |
| Socialism | system or theory under which the means of productions are publicly controlled and regulated rather than owned by individuals |
| Knights of Labor | labor union that sought to organize all workers and focused on broad social reforms |
| Terence V. Powderly | Leader of the knights, son of Irish immigrants |
| Samuel Gompers | Formed the AFL |
| AFL | Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead Strike | 1862 law that gave 160 acres of land to citizens willing to live on and cultivate it for five years |
| Eugene V. Debs | Condemned the railroad strike |
| Pullman Strike | Violent 1894 railway workers strike which began outside of Chicago and spread nationwide |
Created by:
JReyes
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