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U.S. HIST
CHAPTER 4
Question | Answer |
---|---|
1. Entrepreneur | People who invest money in a specific product to make a profit. |
2. Protective Tariff | Taxes that would make imported goods cost more than made locally. |
3. Laissez-Faire | Policies that allowed businesses to work under less government regulation. |
4. Patent | A grant that gives permission to an inventor that he or she is allowed to use/sell their invention for an amount of time. |
5. Thomas Edison | The inventor of the light-bulb and holder of over 1,000 patents. |
6. Bessemer process | Process found by Henry Bessemer in which purified iron, which made it strong yet lightweight. |
7. Suspension Bridge | A bridge that holds the road with steel cables. |
8. Time Zone | Any of the 24 longitudinal areas where the same time is used. |
9. Mass Production | Systems to create products in which hand tools were replaced with machines. |
10. Corporation | Multiple people have ownership of a business. |
11. Monopoly | A corporation has ownership of the product itself, or buy out other businesses that sell that same product. |
12. Cartel | Association of producers of a good or service monopolize the market. |
13. John D. Rockefeller | Oil tycoon who made deals with railroads to get a larger profit. |
14. Horizontal Integration | Make a giant company with lower production cost to make more profit against a rival company with higher prices. |
15. Trust | Companies give stock to a group of "trustees" who will combine the stocks into a new organization. |
16. Andrew Carnegie | Owner of a steel tycoon. |
17. Vertical Integration | Allowed companies to sell at lower prices to The public, but sell at higher prices to their competitors. |
18. Social Darwinism | Belief that some races were higher rank than others which gave them the rule over other races. |
19. Interstate Commerce Commission(ICC) | Created to oversee railroads operations, meaning it could monitor railroads that crossed state lines only. |
20. Sherman Antitrust Act | Outlawed any trust that operated "in restraint of trade or commerce among the several states. |
21. Sweatshop | Factory workers who worked 12 hours for 6 days in a small sized, dark, unsanitary warehouse. |
22. Company Town | Housing that were owned by the business and rented out by workers. |
23. Collective Bargaining | Negotiating as a group for higher wages. |
24. Socialism | Economic and political philosophy that favors the public instead of private. |
25. Knights of Labor | A labor union that was discovered by Uriah Smith Stephens. Which included all workers including blacks. |
26. Terence V. Powderly | He was leader of the Knights of Labor and he started boycotts and negotiations with employers. |
27. Samuel Gompers | Creator of AFL, but before that, head of a cigarmakers' union in New York. |
28. American Federation of Labor (AFL) | A craft union filled with skilled workers from some 100 local unions devoted to specific crafts. AFL failed against the Knights of Labor. |
29. Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence. |
30. Homestead Strike | Part of the steelworkers' and miners' strike that happened as economic depression spread across America. |
31. Eugene V. Debs | He worked a low railroad job as a teenager and started railroad strike of 1877, which he said started because of the corruption between the unions. |
32. Pullman Strike | Violent 1894 railway workers' strike which began outside of Chicago and spread nationwide. |