U.S. History Unit 2 Flashcards
- Protective tariff
Taxes that made imported goods more expensive
- Entrepreneur
People who invest money in a product or enterprise in order to make a profit
- Laissez faire
Business’ operated under minimal government supervision
- Patent
A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time
- Thomas Edison
1876 inventor. Invented many products
- Bessemer process
Purifying iron, resulting in stronger, but more lightweight steel
- Time zone
1884, 27 countries divided the globe into 24 time zones
- Mass production
Factory owners developed systems for turning out large numbers of products quickly and in expensively
- Corporation
Group ownership of a company
- Monopoly
Complete control of a product or service
- Cartel
A group from one corporation to eliminate the other rival one.
- John D Rockefeller
An oil tycoon, made deals with railroads to increase his profit
- Horizontal integration
System of consolidation among many businesses.
- Andrew Carnegie
Steel tycoon
- Vertical integration
Reduce costs and charge high prices to competitors
- Social Darwinism
Only the fittest (wealthiest) would survive
- Interstate Commerce Commission (ICC)
Oversee railroad operations
- Sherman anti-trust Act
Outlawed any trust that operated in restraint of trade or commerce among the several states
- Sweatshop
Small, hot, and dirty workshops
- Company town
Towns owned by the company and rented out to the employees
- Collective bargaining
Negotiating as a group for higher wages or better working conditions
- Socialism
Economic and political philosophy that favors public, instead of private, control of property and income
- Knights of Labor
A union created by Uriah Smith who included all workers, included all workers of any trade , skilled or unskilled.
- AFL (American Federation of Labor
Formed by Samuel Gompers and was a craft Union. Only allowed skilled local workers
- Haymarket riot
Riot in haymaker square where dozens of policemen were killed due to a bomb
- Homestead strike
Epidemic of steelworkers and miners strikes that took place as economic depression spread across America
- Eugene V Debs
Leader of ARU (American railway Union)
- Pullman Strike
Strike led by ARU, all railroad workers
- New immigrant
Immigrants from 1870 - WW1
- Steerage
The worst accommodations on the immigration ship