US History:Chapter12
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| laissez-faire | "let people do as they choose" (french phrase)
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| economies of scale | the costs of manufacturing is decreased by producing goods quickly in large quantities
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| credit-mobilier | was a construction company set up by several stockholders of the union pacific railroads, including oakes ames, a member of congress
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| monopoly | when a single company achieves control of an entire market
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| lockouts | when workers formed a union, companies used this to break it
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| horizontal integration | combining firms in the same business into one large corporation
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| vertical integration | when a company owns all the different businesses on which it depends for its operation
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| big manufacturers | usually have high fixed costs but have low operating costs
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| small manufacturers | usually have low fixed costs but have high operating costs
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| the great northern railroad | railroad that went from Wisconsin and Minnesota in the east to Washington in the west without any federal land grants or subsides
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| pools | agreements to keep prices at a certain levels
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| chain stores | a group of retail outlets owned by the same company, first appeared in the mid 1800s
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| department stores | provided a huge selection of products in one large, elegant buildings
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| strikebreakers | if the union called a strike, employers would hire replacements called this
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| anarchists | believed that society doesn't need any type of government
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| the knights of labor | founded in 1869, took a different approach to labor issues. Its leader, Terrence Powderly, opposed stikes, preferring to use boycotts to pressure employers
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| the american federation of labor (AFL) | was the dominant union of the late 1800s. In 1886 leaders of several national trade unions came together to create the AFL
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| fixed costs | costs a company has to pay, whether or not it is operating
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| hold company | A company whose primary business in zoning a controlling share of stock in other companies
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| industrial unions | which united all workers in a particular industry
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| operating costs | costs that occur when running a company, such as paying wages and shipping costs, and buying raw material and supplies
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| trade unions | An organization of workers with the same trade or skill
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| trusts | is a legal arrangement that allows one person to manage another person's property
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| pacific railway act | this act provided for the construction of the transcontinental railroads by two corporations
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| Andrew Carnegie | Scottish-American industrialist who led the enormous expansion of the American steel industry in the late 19th century.
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| Mark Marx | argued that the basic force shaping captious society was the class struggle between workers and owners
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| Edwin Drake | Drilled the first oil well newer Titusillve, Pennsylvania
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| Cornelius Vanderbilt | An American tycoon, businessman, and philanthropist who built his wealth in railroads and shipping.
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| Samuel Gompers | was the first president of the AFL
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| Thomas Edison | invented the light bulb, he was an inventor
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| John D. Rockefeller | The most famous industrialist who achieved almost complete horizontal integration of his industry, which was oil.
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