American Cultures Vocab set 1 Flashcards
Industrialization Vocab
Transcontinental Railroad
railway extending from coast to coast
Patent
a license to make, use, or sell an invention
Bessemer Process
new process patented in 1856, for making steel more efficiently
Mass Production
manufacture of goods in great amounts
Productivity
amount that a worker produces in a given period of time
Social Darwinism
theory, derived from Darwin’s theory of natural selection, that society should do as little as possible to interfere with people’s pursuit of success
Monopoly
complete control of a product or service
Cartel
loose association of businesses that make the same product
Trust
a group of separate companies placed under the control of a single managing board
Sherman Anti-trust act
law passed in 1890 that outlawed any combination of companies that restrained trade or commerce
Horizontal Consolidation
process of bringing together many firms that are in the same business to form one large company
Vertical Consolidation
process of gaining control of the many different businesses that make up all phases of a product’s development
Business Cycle
periodic growth and contraction of a nation’s economy
Piecework
system in which workers are paid not by the hour but by what they produce
Division Labor
way of producing in which different tasks are performed by different persons
Socialism
an economic and political philosophy that favors public (or social) control of property and income
Collective Bargaining
process in which workers regulate as a group with employers
Scab
worker called in by an employer to replace striking laborers
Anarchist
radical who violently opposes all government
Haymarket Riot
1886- labor-related violence in Chicago
Homestead Strike
1892 strike in Pennsylvania against Carnegie Steel
Pullman Strike
1894 railway workers’ strike that spread nationwide
