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Chapter 4 Vocab.

QuestionAnswer
Entreprenuer Person who invests money in a product or business with the goal of making a profit.
Protective Tariff Tax on imported googs making the price high enough to protect domestic goods from foreign compeitions.
Laissez-faire Lenient, as in the absence of government control over a private business.
Patent Offical rightd given by the government to an inventor for the exclusive right to develop, use,and sell an invention for s set period of time.
Bassemer Process Method developed in the mid-1800s for mskinh steel more efficiently.
Suspension Bridge Bridge that has a roadwaysupsended by cables.
Time Zone Any of the 24 longitudunal areas of the world within which the same time is used.
Mass Production Production of goods in large numbers through the use of machinery and assenbly lines.
Corporation Company recongnized as a legal unit that has rights and liabilites separate from each of its members.
Monopoly Exclusive control by one company over an entire industry.
Cartel Associations of production of a good or service that pricels and cntrols stocks in order to monopolize the market.
Horizontal Intergration System of consolidating many firms in the same business.
Trust Group of separate companies that are placed under the control of a single managing board in order to form a monopoly.
Vertical Intergration System of consolidating firms involved in all steps of a product's manufacture.
Social Darwinism The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined torule over them.
TCC First federal agency monitoring business operations,created in 1887 to oversee interstate railroad procedures.
Sherman Antitrust Act 1890 law banning any trust that restrained interstatetrade or commerce.
Swearshop Samll factory where employees have to work long hours under poor conditions for little pay.
Company Town Community whose residents rely on upon one company for jobs, housing, and shopping.
Collective Bargaining Processin which employers negotiate with labor unions about hours, wages, and other working conditions.
Socialism System or theory under which the means of production are publicly controlled and regulated rather then owned by individuals.
Knights of Labor Labor union that sought to organize all workers and focused on broad social reforms.
AFL In 1955, the American Ferderation of Labor (AFL), and the Congress of Industrial Organizations (CIO) labor unions united.
Haymarket Riot 1886 labor-realted protest in Chicago which ended in deadly violence.
Homestead Strike 1892 strike against Carnegie's steelwork in Homestead, Pennsylvannia.
Pullman Strike Violent 1894 railway workers' strike which began outside of Chicago spread nationwaide.
Created by: JadeG
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