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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   People that invest money in a product or enterprise in order to make a profit.  
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Protective Tariff   Tax on imported goods making the price high enough to protect domestic goods from foreign competition  
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Laissez-faire   lenient as in absence of govt. control over private business  
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Patent   Official rights given by the govt. to an investor for the exclusive right to develop use and sell an invention for a set period of time.  
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Bessemer process   Method in 1800s for making steel more efficiently  
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Suspension bridge    
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  Bridge that has a roadway suspended by 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   Production of goods in large numbers through the use of machinery  
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Corporation   Company recognized as a legal unit that has rights and liabilities separate from each other  
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Monopoly   Exclusive control by one company over an entire industry  
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Cartel   Association of producers of a good or service that prices and controls stocks in order to monopolize the market  
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Horizontal integration   System of 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   System of consolidation firms involved in all steps of a products manufacture  
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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 therefore destined to rule over them  
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Sweatshop   Small factory where employees work long hours under poor conditions for little pay  
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Company town   Community whose residents rely upon one company for a jobs, housing and shopping  
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Collective bargaining   Employees negotiate with labor unions about hours, wages and other working conditions  
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Socialism   System or theory under which the means of production are publicity controlled and regulated rather than owned by individuals  
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Created by: Luke.Snit
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