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US History ch4 vocab
| Question | Answer |
|---|---|
| entrepreneur | person who invests money in a product or business with the goal of making a profit |
| protective tariff | tax on imported goods making the price high enough to protect domestic goods from foreign competition |
| laissez faire | lenient, as in the absence of government control over private business |
| patent | official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time |
| Thomas Edison | famous inventor who perfected the light bulb and invented an entire system for producing and distributing electricity |
| Bessemer process | method of development in the mid-1800s for making steel more efficiently |
| suspension bridge | bridge that has a roadway suspended by cables |
| time zone | any of the 24 longitudinal areas of the world within which the same time is used |
| mass production | production of goods in large numbers through the use of machinery and assembly lines |
| corporation | company recognized as a legal unit that has rights and liabilities separate from each of its members |
| monopoly | exclusive control by one company over an entire industry |
| cartel | association of producers of a good or service that prices and controls stocks in order to monopolize the market |
| John D. Rockefeller | an oil tycoon that made deals with railroads to increase his profits |
| horizontal integration | system of consolidating many firms in the same business |
| trust | group of separate companies that are placed under the control of a single managing board in order to form a monopoly |
| Andrew Carnegie | steel tycoon |
| vertical integration | system of consolidating firms involved in all steps of a product's manufacture |
| Social Darwinism | the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them |
| ICC | first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures |
| Sherman Antitrust Act | 1890 law banning any trust that restrained interstate trade or commerce |
| sweatshop | small factory where employees have to work long hours under poor conditions for little pay |
| company town | community whose residents rely upon one company for jobs, housing, and shopping |
| collective bargaining | process in which employers negotiate with labor unions about hours, wages, and other working conditions |
| socialism | system or theory under which the means of production are publicly controlled and regulated rather than owned by individuals |
| Knights of Labor | labor union that sought to organize all workers and focused on broad social reforms |
| Terence V. Powderly | took on the leadership of the Knights in 1881 |
| Samuel Gompers | formed AFL in 1886 |
| AFL | labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes |
| Haymarket Riot | 1886 labor-related protest in Chicago which ended in deadly violence |
| Homestead Strike | 1892 strike against Carnegie's steelworks in Homestead, Pennsylvania |
| Eugene V. Debs | leader of A.R.U. |
| Pullman Strike | violent 1894 railway workers' strike which began outside of Chicago and spread nationwide |
Created by:
Monniegirl13
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