| A | B |
|---|
| Patent | license that gives an inventor the exclusive right to make a product for a number of years |
| Anarchist | a radical who opposes all government |
| craft union | a union for laborers devoted to a specific craft |
| vertical consolidation | process of gaining control of the many different businesses that make up phases of a product development |
| mass productions | production of goods in great amounts |
| industrial union | union that organizes workers from all crafts in a given industry |
| sweatshop | factory where employees work long long hours at low wages and under poor working conditions |
| cartel | loose association of businesses that make the same product |
| Bessemer Process | a process for making steel more efficiently - patented in 1866 |
| piece work | system in which workers are paid not by the time worked but by the number of items they produce |
| 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 happiness |
| transcontinental railroad | railway extending from coast to coast |
| collective bargaining | process in which workers negotiate as a group with employers |
| horizontal consolidation | the process of bringing together many firms in the same business to form a large company |
| Sherman Anti-trust Act | law passed by congress in 1890 that outlawed any combination of companies that restrained interstate trade or commerce |
| division of labor | way of producing in which different taks are performed by different persons |
| oligopoly | a market structure dominated by ony a few large profitable firms |
| scab | negative terms for a worker called in by an employer to replace laborers |
| trust | a group of separate companies that are placed under the control of a single managing board |
| monopoly | complete control of a product or service |
