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Industrial Revolution
vocab
28
History
11th Grade
02/18/2010

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Term
entrepreneur
Definition
person who invests money in a product or business with the goal of making a profit
Term
protective tariff
Definition
tax on imported goods making the price high enough to protect domestic goods from foreign competition
Term
laissez faire
Definition
lenient, as in the absence of government control over private business
Term
Thomas Edison
Definition
an inventor who made equiptment that relied on sight rather than sound
Term
Bessemer process
Definition
method develpoed in the mid-1800s for making steel more efficiently
Term
suspensiino bridge
Definition
bridge that has a roadway suspended by cables
Term
mass production
Definition
productin of goods in large numbers through the use of machinery and assembly lines
Term
corporatiin
Definition
company recognized as a legit unit that has rights and liabilities separate from each of its members
Term
monopoly
Definition
exclusive control by one company over an entire industry
Term
cartel
Definition
association of producers of a good or service that prices and controls stocks in order to monopolize and market
Term
John D. Rockefeller
Definition
an oil tycoon who made deals with railroads to increase his profits. The worlds first billionaire
Term
horizontal integration
Definition
Term
horizontal integration
Definition
system of consolidating many firms in the same business
Term
trust
Definition
group of separate companies that are placed under the control of a single managing board in order to form a monopoly
Term
Andrew Carnegie
Definition
a wealthy investor and the nations most successful steelmaker. He established many charity organizations
Term
vertical integration
Definition
system of consolidating firms involved in all steps of a product's manufacture
Term
social darwinism
Definition
the belief held by some in the late nineteenth century that certain natins and races were superior to others therefore destined to rule over them
Term
Interstate Commerce Commission (ICC)
Definition
first federal agency monitering business operations. Created in 1887 to oversee interstate railroad procedures
Term
sherman antitrust act
Definition
1890 law banning any trust that restrained interstate trade or commerce
Term
sweatshop
Definition
small factory where employees have to work long hours under poor conditions for little pay
Term
collective bargaining
Definition
process in which employers negotiate with labor unions about hours, wages, and other working conditins
Term
socialism
Definition
system or theory under which the means of production are publically controlled and regulated rather than owned by individuals
Term
knights of labor
Definition
labor union that sought to organize all workers and focused on broad social reforms
Term
Samuel Gompers
Definition
he formed tha Ameriecan Federation of Labor. He headed the local cigar makers union
Term
American Federatin of Labor (AFL)
Definition
labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes
Term
haymarket riot
Definition
1886 labor related protest in chicago which ended in deadly violence
Term
homestead strike
Definition
1892 stike agaisnt carnegie's steelworkers in homestead, pa
Term
Eugene V. Debs
Definition
lead the american railway uniino. he thought they needed to put pressure on employers
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