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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   To invest money in a product or company with the goal of making profit  
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Protecive tariff   Taxes that would make imported goods cost more than ones made locally  
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Laissez-faire   Allowed business to operate under minimal government regulations  
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Patent   Is a grant by the government giving exclusive rights to develop, use, and sell an invention  
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Tomas Edison   An inventor who held more than 1000 patents  
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Bessemer process   A method of making steel more efficiently  
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Suspension bridges   Bridges suspended by steel cables  
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Time zones   Dividing the world in to different times. By hours  
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Mass production   A way to make good faster and cheaper using machines  
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Corporation   a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.  
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Monopoly   the exclusive possession or control of the supply or trade in a commodity or service.  
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Cartel   an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.  
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Horizontal integration   is the process of a company increasing production of ut utgoods or services at the same part of the supply chain. A company may do this via internal expansion, acquisition or merger. The process can lead to monopoly  
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Trust   confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others.  
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Vertical integration   the combination in one company of two or more stages of production normally operated by separate companies.  
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Socal Darwinism   groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals.  
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Sweatshop   a factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions.  
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Company town   a place where practically all stores and housing are owned by the one company  
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Collective bargaining   negotiation of wages and other conditions of employment by an organized body of employees.  
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Socialism   a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.  
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