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Ch. 4 Vocab

US History Ch. 4

QuestionAnswer
1. entrepreneur people who invest money in a product or business to make money
2. protective tariff taxes that make imported good cost more than those made locally
3. laissez-faire policies that allowed businesses to operate under minimal government control
4. patent a grant from the federal government giving the inventor the right to develop, use, and sell an invention for a period of time
5. Thomas Edison an inventor who received more than 1,000 patents for new inventions including the light bulb
6. Bessemer process method for making steel efficiently
7. suspension bridge bridges that have a roadway suspended by steel cables
8. time zones any of the 24 longitudinal areas of the world that the same time is used
9. mass production system for turning out large numbers of products quickly and inexpensively
10. corporation a number of people sharing the ownership for a business
11. monopoly control by one company over an entire industry
12. cartel businesses that make the same product agree to limit their production and thus keep prices high
13. John D. Rockefeller oil tycoon who made deals with railroads to increase his profits; of the first businessmen to use horizontal integration
14. horizontal integration system of bringing together many firms in the same business
15. trust companies assign their stock to a board of trustees who combine them into a new organization ran by the trustees
16. Andrew Carnegie steel tycoon who used vertical integration
17. vertical integration an increase in power by gaining control of the many different businesses that make up all the steps of a product's development
18. Social Darwinism the belief that certain nations and races were superior to others and therefore destined to rule over them
19. interstate Commerce Commission (ICC) first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
20. Sherman Antitrust Act an act passed by Senate which outlawed any trust that operated "in restraint of trade or commerce among the several states."
21. sweatshop small, hot, dark, and dirty workshops that employed thousand of people who worked for long hours making mass-produced items
22. company town Isolated communities near workplaces that were owned by businesses and rented to workers
23. collective bargaining negotiating as a group for higher wages or better working conditions
24. socialism an economic and political philosophy that favors public instead of private control of property or income
25. Knights of Labor a labor union devoted to social reform such as replacing capitalism with workers' cooperatives
26. Terrence V. Powderly The leader of the Knights of Labor
27. Samuel Gompers a poor English immigrant who formed the American Federation of Labor (AFL)
28. American Federation of Labor (AFL) a craft union composed of skilled workers from 100 local unions devoted to specific crafts or trades
29. Haymarket Riot Violence erupted at a protest in Haymarket Square (Chicago) after workers nationwide began a national demonstration for an eight-hour workday.
30. Homestead Strike After the Carnegie Steel plant cut workers' wages, the union called a strike.
31. Eugene V. Debs Organized the American Railway Union (A.R.U.) as an industrial union, which grouped the workers together rather than separating them by the job they held
32. Pullman Strike Workers of the Pullman Palace Car Company along with the A.R.U. protested wage cuts and worker layoff; ended with the arrest of Eugene Debs
Created by: Alex_Hughes
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