Chapter 4 Terms Quiz Flashcards
entrepreneur
Person who invests money in a product or business with the goals of making a profit
protective tariff
Tax on imported goods making the price high enough to protect domestic goods from foreign competition
laissez faire
Absence of government control over personal business
Thomas Edison
Invented the light bulb in 188-
Bessemer Process
Method developed in the mid 1800s to mass produce steel
Suspension Bridge
Bridge that has a roadway suspended by cables
Mass production
Production of goods in large quantities through the use of machinery and assembly lines
Corporation
Company recognized as a legal unit that has rights and liabilities separate from each of its members
Monopoly
Exclusive control over an entire industry by one business
Cartel
Association of producers of a good or service that prices and controls stocks in order to monopolize the market
John D. Rockefeller
A philanthropist who pioneered new techniques for organizing the oil industry to create a more stable business environment
Horizontal integration
System of consolidation 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
Pullman strike
Violent 1894 railway workers strike which began outside of Chicago and spread nationwide
Andrew Carnegie
Steel tycoon who used vertical integration to increase power and gain control of many different businesses
Vertical Integration
System of consolidating firms involved in all steps of a products manufacture
Social Darwinism
The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore were destined to rule over them
Sherman antitrust act
1890 law banning any trust that restrained interstate trade or commerce
ICC
First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures
Sweatshop
Small factory where employees have to work long hours under more conditions for little pay
Collective Bargaining
process in which employers negotiate with labor unions about hours, wages, and other working conditions
Socialism
System of theory under which the means of production are publicly controlled and regulated rather than owned by individuals
Knights of labor
Labor union that sought to organize all workers and focused on broad social reforms
Samuel Gompers
Poor English immigrant who formed the American Federation of Labor in 1886
AFL
Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes
Haymarket Riot
1886 labor related protest in Chicago when ended in deadly violence
Homestead Strike
1892 strike against Carnegie’s steelworks in Homestead, Pennsylvania
Eugene V. Debs
Leader of the American Railway Union who condemned the railroad strike of 1877
