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Chapter 4

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Term
Definition
entrepreneur   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   policies which allowed businesses to operate under minimal government regulation  
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patent   a grant by the federal government giving an inventer the exclusive right to develop, use, and sell an invention of a set period of time  
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Bessemer process   method developed in the mid-1800s for making steel more efficiently  
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suspension bridges   bridges in which the roadway is suspended by steel cables  
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time zone   any of the 24 longitudinal areas of the world within which the same time is used  
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mass production   turning out large numbers of products quickly and inexpensively  
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corporation   company that has rights to separate from each of its members  
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monopoly   complete control of a product or service  
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cartel   association of products of a good or service that prices and controls stocks in order to monopolize the market  
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horizontal integration   consolidating many firms in the same business  
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trust   group of separate companies that are placed under the control of a single managing board in order to form a monopoly  
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vertical integration   allowed companies to reduce costs and charge higher prices to competitors  
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Social Darwinism   the belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore defined to rule over them  
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Interstate Commerce Commission (ICC)   first federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures  
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Sherman Antitrust Act   outlawed any trust that operated "in restraint of trade or commerce among the several law was often used in the corporations" favor, as they argued that labor unions restrained trade  
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sweatshop   small, hot, dark, and dirty workhouses  
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company town   community whose residents rely upon one company for jobs, housing, and shopping  
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collective bargaining   process in which employers negotiate with labor unions about hours, wages, and other working conditions  
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socialism   an economic and political philosophy that favors public, instead of private, control of property and income  
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Knights of Labor   labor union that sought to organize all workers and focused on board social reforms  
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American Federation of Labor (AFL)   a craft union, a loose organization of skilled workers from some 100 local unions devoted to specific crafts or trades  
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Haymarket Riot   1886 labor-related protest in Chicago which ended in deadly violence  
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Homestead Strike   1892 strike against Carnegie's steelworks in Homestead, Pennsylvania  
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Pullman Strike   violent 1894 railway workers' strike which began outside of Chicago and spread nationwide  
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Created by: K_Higgins01
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