Word | Definination |
Entrepreneur | A person who invests money in a product or business with the goal of making a profit. |
Protective Tariff | Tax on imported good making the price high enough to protect domestic goods from foreign competition. |
Laissez Faire | Lenient, as in the absence of government control over private businesses. |
Patent | Official right given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time. |
Bessemer Process | Method developed 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 on 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. |
Horizontal Integration | System of consolidating many firms in the same businesses. |
Trust | Group if separate companies that are placed under the control of a single managing board in order to form a monopoly. |
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 there fore 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 the company for job, housing, and shopping. |
Collective Bargaining | Process in which employers negotiate with labor union 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 on broad social reforms. |
AFL | Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes. |
Haymarket Riot | 1886 labor-realted protests in Chicago which ended in a deadly violence |
Homestead Strike | 1892 law that gave 162 acres of land to citizens willing to live and cultivate it for five years. |
Pullman Strike | Violent 1894 railway workers' strike which began outside of Chicago and spread nation wide. |