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Chapter 4
The Triumph of Industry
| Question | Answer |
|---|---|
| Entrepreneurs | People who invest money or enterprise in order to make profit. |
| Protective Tariffs | Taxes that would make imported goods cost more that 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. Est. a research ladoratory at Menlo Park. |
| Bessemer Process | A process for purifying iron. |
| Suspension Bridges | Bridges in which the roadway is supported by steel cables. |
| Time Zones | Any of the 24 longitudinal areas of the world within which the same time is used. |
| Mass Production | Turn out large numbers of products quickly and inexpensively. |
| Corporation | Take advantage of expanding markets, investors developed a form of a group ownership. |
| Monopoly | Complete control of a product or service. |
| Cartel | Worked to eliminate competition with other businesses. |
| John D. Rockefeller | An oil tycoon. Made deals with railroads to increase his profits. |
| Horizontal Integration | Consolidating many firms in the same business. |
| Trust | Companies assign their stock to a board of trustees, who combine them into a new organization. |
| Andrew Carnegie | Increased his power by gaining control of the many different businesses that make up all the phases of a product's development. |
| Vertical Integration | Allowed companies to reduce costs and charge higher prices to competitors. |
| Social Dawinism | The belief that certain nations and races were superior to others and therefore destined to rule over them. |
| Interstate Commerce Commission (ICC) | To oversee railroad operations. |
| Sherman Antitrust Act | Outlawed any trust that operated "in restraint of trade or commerce among the several states." |
| Sweatshops | Small,dark,hot,and dirty workhouses. |
| Company Towns | Owned by the business and rented out to employees. |
| Collective Bargaining | Negotiating as a group for higher wages or better working conditions. |
| Socialism | Favor public instead of private. |
| Knights of Labor | Labor union founded by Uriah Smith Stephens. |
| Terence V. Powderly | Took leadership of the Knights. |
| Samuel Gompers | Founded the American Federation of Labor. |
| American Federation of Labor | Labor union that oragnized skilled workers in specific trades and made small demands rather than seeking broad changes. |
| Haymarket Riot | Left an unfortunate legancy. |
| Homestead Strike | Part of an epidemic of steelworkers' and miners' strike that took place as economic depression spread. |
| Eugene V. Debs | Led the American Railway Union. |
| Pallman Strick | Halted both railroad traffic and mail devilery. |
Created by:
Hayley Vantiegham
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