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Ch. 4 Vocab
US History Ch. 4
| Question | Answer |
|---|---|
| 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 |