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chapter 4 vocab
Question | Answer |
---|---|
1. Entreprenuer | people who invest money in a product to gain a profit |
2. protective tarriffs | taxes that made imported goods cost more than local goods |
3. laissez-faire | policies that allowed businesses to operate with little government regulations |
4. patent | a grant given by the federal government giving an inventor the right to develop, use and sell an invention for a set period of time |
5. bessemer process | a process for purifying iron making strong but lightweight steel |
6. suspension bridges | bridges suspended on steel cables |
7. time zones | Zones for each hour of the day that divided the globe. The railroad adopted the system which is still used today. |
8. mass production | systems for making large numbers of products |
9. corporation | number of people sharing a business |
10. monopoly | complete control of a product or service |
11. cartel | arrangement of businesses that made the same product to agree to limit their production and thus keep prices high |
12. horizontal integration | system of consolidating many firms into one business |
13. trust | companies assigned their stock to a board of trustees who combined them into a new organization |
14. vertical integration | allowed companies to reduce cost and charge higher prices |
15. social Darwinism | theory to the rough-and-tumble world of American capitalism |
16. Interstate Commerce Commission | first federal body ever set up to monitor American business operations |
17. Sherman Antitrust Act | an act which outlawed any trust that operated "in restraint of trade or commerce among the several states" |
18. sweatshops | hot, dark and dirty places where workers toiled long 12 hour days, 6 day a week |
19. company towns | housing and communities owned by businesses and rented out to employees |
20. collective bargaining | technique factor workers used to try to gain more power against employers |
21. socialism | economic and political philosophy that favors public instead of private control of property and income |
22. American Federation of Labor | a loose organization of skilled workers from some 100 unions devoted to specific crafts or trades |
23. Haymarket Riot | a riot in which protesters gathered at Haymarket Square in Chicago. Dozens of people were killed, both rioters and police. |
24. Homestead Strike | part of an epidemic of steelworker's and miner's strikes that took place as economic depression spread across America |
25. Pullman Strike | The American Railway Union (ARU) called for a nationwide strike. By June of 1894, nearly 300,000 rail workers walked off their jobs. |
26. Knights of Labor | a labor union formed by Uriah Smith Stephens that was a secret society to broad social reform such as replacing capitalism with workers cooperatives |