| Term | Definition | null | null |
| Entrepreneur | Person who invests money in a product or buisness with the goal of making a profit | | |
| Protection tariff | Tax on imported goods making the price high enough to protect domestic goods from foreign competition | | |
| Laissez-faire | 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 | | |
| Bessemer process | Method developed in the mid 1800's 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 | | |
| 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 bird in order to form a monopoly | | |
| Vertical integration | System of consolidating firms involved in all steps of a products 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 | | |
| Sweat shop | 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 | | |
