vocabularies
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| entrepreneurs | people who invest money in a product or enterprise in order to make a profit
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| protective tariffs | taxes that would make imported goods cost more than those made locally
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| laissez-faire | businesses which operate under minimal government regulation
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| patent | giving an inventor the exclusive right to develop, use, and sell an invention
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| Bessemer process | process for purifying iron resulting in steel
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| suspension bridges | bridges in which the roadway is suspended by steel cables
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| time zones | 1884 the globe was divided into 24 time zones, one for each hour
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| mass production | a system that turns out large numbers of products quickly and inexpensively
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| monopoly | complete control of a product or service
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| cartel | businesses limit their production and thus keep prices up
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| horizontal integration | consolidating many firms in the same business by creating a giant company
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| trust | companies assign their stock to a board of trustees who combine them into a new organisation
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| vertical integration | companies reduce costs and charge higher prices to competitors
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| Social Darwinism | wealth was measure of one's inherent value and those who had it were the most "fit."
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| Interstate Commerce Comission (ICC) | created to oversee railwoad operations
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| Sherman Antitrust Act | outlawed any trust that operated "in restraint of trade or commerce among the several states"
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| sweatshops | people worked for long hours on machines making mass-production items
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| company towns | communities near the workplace for laborers
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| collective bargaining | negotiating as a group for higher wages
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| socialism | an economic and political philosophy that favors public control of property and income
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| Knights of Labor | included workers of all trade, a secret society, to broad social reform
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| American Federation of Labor (AFL) | craft union,skilled workers,created strikes and assist workers in need
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| Haymarket Riot | workers mounted a national demonstration, strikes erupted in several cities, frenzy broke out after protestor killed a policeman by throwing a bomb on him, dozens were killed on both sides
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| Homestead Strike | a steel plant cut workers' wages, people called a strike, steel plant called private policy force which killed several strikers and wounded many others, after one tried to assassinate the partner from the plant the union called off the strike
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| Pullman Strike | the Car Company laid off workers and reduced wages, owner required workers to live in a company town, the workers tried to negotiate, desperated the workers asked Debs for help, grouped nearly 300,000 worker which walked off their job
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| corporation | a number of people sharing the ownership of a business
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