Chapter 24 Key Terms Flashcards

1
Q

Trust

A

A mechanism by which one company grants control over its operations, through ownership of its stock, to another company. The Standard Oil Company became known for this practice in the 1870’s as it eliminated its competition by taking control of smaller oil companies.

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2
Q

Syndicate

A

An association of financiers organized to carry out projects requiring very large amounts of capital

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3
Q

Patrician

A

Characterized by noble or high social standing

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4
Q

Social Darwinist

A

Believers in the idea that people gained wealth by “survival of the fittest”. Therefore, the wealthy had simply won a natural competition and owed nothing to the poor, and indeed service to the poor would interfere with this organic process

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5
Q

Socialists

A

Those who hold the political belief in promoting social and economic equality through the ownership and control of the major means of production by the whole community rather than by individuals or corporations

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6
Q

Lockout

A

The refusal by an employer to allow employees to work unless they agree to his or her terms

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7
Q

Anarchists

A

Those who hold the political belief that all organized, coercive government is wrong in principal and that society should be organized solely on the basis of free cooperation.

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8
Q

Thomas Alva Edison

A

An American inventor and businessman- invented the phonograph, the motion picture camera, and the light bulb

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9
Q

Andrew Carnegie

A

Scottish-American industrialist who led the steel industry in the late 19th century

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10
Q

John D. Rockefeller

A

Co-founder of the Standard Oil Company, which dominated the oil industry and was the first great US business trust.

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11
Q

Samuel Gompers

A

English-born American cigar maker who became a Georgist labor union leader and a key figure in American labor industry

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12
Q

Free enterprise

A

An economic system that permits unrestricted entrepreneurial business activity; capitalism

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