Chapter 4 vocab

Question 1

Cartel

Answer 1

loose association of businesses that make the same product

Question 2

trust

Answer 2

manage companies as a single unit

Question 3

horizontal consolidation

Answer 3

bringing together many firms that were in the same business

Question 4

vertical consolidation

Answer 4

gaining control of many different businesses to make up all phases of a products development

Question 5

piecework

Answer 5

whoever worked the fastest and produced the most pieces earned the most money

Question 6

division of labor

Answer 6

each worker does a certain thing to make a complete product

Question 7

socialism

Answer 7

public (or social) control of property and income

Question 8

collective bargaining

Answer 8

a process in which workers negotiate as a group with employers

Question 9

scab

Answer 9

replacement for strikers

Question 10

strike

Answer 10

work stoppage

Question 11

anarchist

Answer 11

someone who is highly opposed to all forms of government

Question 12

economies of sale

Answer 12

production increases cost of produced item is lowered

Question 13

mass production

Answer 13

making great amounts of something

Question 14

monopoly

Answer 14

complete control of a product or service

Question 15

business cycle

Answer 15

a series of economic expansion and contraction

Question 16

Bessemer process

Answer 16

improved way of making steel

Question 17

transcontinental railroad

Answer 17

a means of traveling across the country