U.S. History Test 10 Flashcards
social Darwinism
Derived from Darwin’s theory of natural selection, the belief that society should do as little as possible to interfere with people’s pursuit of success
Oligopoly
A market structure dominated by only a few large, profitable farms
Monopoly
Complete control of a product or service
Cartel
Loose association of business that make the same product
Vertical consolidation
Process of gaining control of the many different businesses that make up all the phases of a product’s development
Economies of scale
Phenomenon that as production increases, the cost of each item produced is often lowered
Horizontal consolidation
The process of bringing together many firms in the same businesses to form one large company
Trust
A group of separate companies that are placed under the control of a single managing board
Sherman Antitrust Act
Law passed by Congress in 1890 that outlawed any combination of companies that restrained interstate trade or commerce
Piecework
System in which workers are paid not by the amount of time worked but by the number of items they produce
Sweatshop
Factory where employees work long hours at low wages and under poor working conditions
Division of labor
Way of producing in which different tasks are performed by different persons
Socialism
An economic and political philosophy that favors public (or social) instead of private control or property and income
Craft Union
A union for laborers devoted to a specific craft
Collective bargaining
Process in which workers negotiate as a group with employers
