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Industrial Revolutio
2nd Industrial Revolution and Big Business
| Term | Definition |
|---|---|
| entrepreneur | A person who starts his/her own business |
| free enterprise | An economic system in which people are free to start their own business or what whatever work they want |
| profit | Money a business makes after paying its costs |
| consumer | A person who buys goods or services |
| corporation | A business owned by investors |
| competition | A business selling similar goods |
| monopoly | A company that has control over an entire industry |
| trust | A group of companies that join together to form a larger company with the power to drive out competition in an industry |
| assembly line | A system where workers each do one step to build a product faster |
| mass production | The making of goods in large amounts |
| urbanization | A large number of people moving from a rural area to the city |
| strike | Refusing to work due to unfair working conditions |
| boycott | An agreement not to buy goods from a company |
| progressive | Reformers who worked to stop unfair practices and improve the way the government worked |
| muckrakers | Progressive writers who wrote about shameful conditions |
| conservation | The protecting and saving off the environment |
| stock | A small share of ownership in a corporation |
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