Term | Definition |
Patent | A patent is a grant by the federal government giving an inventor the exclusive right to develop,use, and sell an inventions for a set period of time. |
Entrepreneur | People who invest in a product or enterprise in order to make a profit. |
Protective tariff | Taxes that would make imported goods cost more than those made locally. |
Laissez faire | Police's that allowed businesses to operate under minimal government regulation. |
Suspension bridges | Bridges with roadways suspended by steel cables. |
Time zone | Any of the 24 longitudinal areas of the world within which same time is used. |
Mass production | A system for turning out large numbers of products quickly and inexpensively. |
Corporation | A group of people sharing ownership of a business. |
Monopoly | Complete control of a product or service. |
Cartel | Association of producers of a good or service that prices and control stocks in order to monopolize the market. |
Horizontal integration | System of consolidating many firms in the same business |
Trust | Companies assign their stock to a bored of trustees, who combine then into a new organization. |
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. |
Sweatshop | Small factory where employees have to work long hours under poor conditions for little pay. |
Company town | Community whose resident 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 owed by individuals. |
Bessemer process | Method developed in the mid-1800s for making steel for more efficiently. |
Entrepreneur | Person who invests money in a product or business with the goal of making a profit. |