Industrial Age chpt1

Term Definition
Entrepreneur Person who invest money in a product or business with the goal of making a profit
Protective tariff Tax on imported goods making the price I protect domestic goods from foreign competition
Laissez faire Lenient absence of government control over private business
Patent Official rights given by the government to an inventor for exclusive right to develop, use, and sell an invention for a set period of time
Bessemer process Method developed in the mid 1800s for making steel more efficiently
Suspension bridge Bridge that has a roadway suspended by cables
Time zone Any of the 24 longitudinal areas of the world within which the same time is used
Mass production Production of goods in large numbers 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 by one company over an entire industry
Cartel Association of producers of a good or service that prices and controls stocks in order to monopolize the market
Horizontal integration System of consolidating 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
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 destined to rule over them
Sweatshop Small factory where employees have to work long hours under poor conditions for little pay
Company town Community whose residents rely upon one company for jobs housing and shopping
Collective bargaining Process in which employers negotiate with labor unions about hours and wages and other working conditions
Socialism System or theory under which the means of production are publicly controlled and regulated rather then owned by individuals