Chapter 4 Tri Indust Word Scramble
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Term | Definition |
entreprener | people who invest money in order to make a profit |
protective tariff | taxes that make imported goods cost more |
laissez-faire | allowed businesses to operate under minimal control of the government |
patent | grant by the federal government giving an invester the right to use |
Bessemer process | method devoloped in mid-1800s for making steel more efficiently |
suspension bridges | bridges in which the roadway is suspened by steel cables |
time zones | any of the areas of the world within which the same time is used |
mass production | production of goods is large numbers through the use of machinery and assembly lines |
corporation | companies recognized as a legal unit that has rights and liabilities seperate from each of its members |
monopoly | complete control of a product or service |
cartel | association of producers of a good or service that prices and controls stocks |
horizontal integration | system of consolidating many firms in the same business |
trust | companies assign their stock to a board of trustees, who combine them into a new organization |
vertical integration | allowed companies to reduce prices and charge higher prices to competitors |
social darwinism | the belief that certain nations and races were superior to others |
interstate commerce commison | first federal agency to oversee interstate railroad procedures |
sherman antitrust act | law that banned any trust restraining interstate trade or commerce |
sweatshops | employed thousands of people who worked for long hours of machines |
company towns | community whose residents rely upon one company for jobs, houses, and shopping |
collective bargaining | negotiating as a group for higher wages or better working conditions |
socialism | an economic and political philosophy that favors public control of properties or imcome |
knights of labor | labor union that sought to organize all workers and focused on broad social reforms |
american federation of labor | labor union that organized skilled workers and specific trades and made small demands |
haymarket riot | related protests in chicago which ended in deadly violence |
homestead strike | strike against carnegies steelworks in homestead penn |
pullman strike | violent railway workers strike which began in chicago and spread nationwide |
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