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chapter 4 vo.
US HISTORY Ch. 4 Vocab
| Question | Answer |
|---|---|
| Entrepreneur | person who invests money in a product or business with goal of making a profit |
| Protective Tariff | tax on imported goods making the price high enough to protect domestic goods from foreign competition |
| Laissez Faire | the absence of government control over private businesses |
| Patent | exclusive right given by the government to an inventor to invent and sell an product |
| Thomas Edison | inventor who invented the light bulb |
| Bessemer Process | method developed in the mid 1800s for making steel more efficiently |
| Suspension Bridge | roadway on a bridge help up by suspenders |
| Time Zone | any of the 24 zones across the globe by longitudinal grid that uses the same time |
| mass production | productions of goods in large numbers through the use of machinery and assembly lines |
| corporation | company recognized as legal unit that had rights 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 stock in order to monopolize the market |
| John D Rockefeller | oil tycoon, made deals with railroads to maximize 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,increased power by gaining control of the many different businesses |
| vertical integration | system of consolidating firms involved i all steps of a products manufacturing |
| social darwinism | the belief held by some that in the late nineteenth century that certain nations and races were superior to others |
| ICC | first federal agency monitoring business operations created in 1887 to oversee interstate railroad |
| sweatshop | small factories where employees work under poor pay and extremely bad conditions an hours |
| collective bargaining | process in which employers negotiate with labor unions about hours and wages |
| socialism | system or theory under which the means of production are publicly controlled and regulated rather than by individuals |
| Knights of Labor | labor union that sought to organize all workers and focused on broad social reforms |
| Terrence V Powderly | took control of Knight of Labor |
| Samuel Gompers | formed AFL, poor English immigrant |
| AFL | lanbor 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 deadly violence |
| Homestead Strike | 1842 strike against Carnegies steelworks in Homstead, Penn |
| Eugene V Debs | leader of ARU condemned strike of 1877 |
| Pullman Strike | violent 1894 railway workers strike which began outside Chicago and spread nationwide |
Created by:
smclain17
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