Term | Definition |
entrepreneus | people who invest in money in a product enterprise to make a profit |
protective tariffs | taxes that make imported goods cost more than made locally |
patent | grant by federal government giving an exclusive rights to develop use and sell over time |
bessemer process | method in 1800's for making steel more efficiently |
suspension bridge | bridges which roadway is suspended by steel cables |
time zone | 24 longitudinal areas of the world where same time is use |
mass production | production of goods in large numbers through machinery and assembly line |
corporation | number of people share ownership of a business |
monopoly | complete control of a product or service |
cartel | producer of goods, services that prices and control stock to monopolize the market |
horizontal integration | system of many firms in the same business |
trust | group of separate companies placed under control of a single managing board to form a monopoly |
vertical integration | reduce cost and charge higher prices to competitors |
social darwinism | belief that certain nations and races were superior to others and rule them |
interstate commeerce commission (ICC) | first federal agency monitoring business operations to oversee railroad procedures |
sherman antitrust act | outlawed any trust that operated in a trade |
sweatshops | worker toiled 12 hours 6 days small hot dark dirty warehouse |
company towns | workers who was forced to live in isolated communities near workplace |
collective bargining | negotiating as a group for higher wages |
socialism | economic and political philosophy that favors public instead of private individuals |
knights of labor | labor union sought to organize all workers and focus on broad social reforms |
american federation | labor union orginized skilled workers in specif trade and small demands than seeking change |
haymarket riot | 1886 labor related protest in chicago |
homestead strike | 1892 strike against carnegie's steelworkers |
pullman strike | 1894 railway workers strike outside of chicago and spread nationwide |
laissez faire | absent of government control over private business |