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Chapter 14 : Review

QuestionAnswer
Define cartel An association of manufacturers or suppliers that maintains prices at a high level and restricts competition
Define horizontal consolidation When local health plans (or local hospitals) merge
Define economy of scale The saving in cost of production that is due to mass production
Define trust Combination of companies that turn over their assets to a board of trustees to control prices and competition in a particular industry
Define monopoly Control of a commodity or service extending to the elimination of competition and the fixing of prices
Define collective bargaining Negotiation between employers and workers, usually through a labor union
Define socailism The economic and political philosophy that advocvates collective ownership of factories and property
Define anarchist
Define haymarket square
Define pinkerton
Define transcontinental railroad
Define social darwinism
Define pullman strike
Define homestead strike
Define vertical consoldation
Define ellis island
Who was Andrew Carnegie?
Who was John Roebling
Who was Thomas Edison?
Who was Alexander Graham Bell?
Who was Samuel F.B. Morse?
Who was John D. Rockefeller?
Created by: brivera8
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