| A | B |
|---|
| patent | a license to make, use or sell an invention |
| productivity | amount that a worker produces in a given period of time |
| transcontinental railroad | railway extgending from coast to coast |
| Bessemer process | new process, patented in 1856, for making steel more efficently |
| mass production | manufacture of goods in great amounts |
| social Darwinism | theorym derived from Darwin's theory of natural selection, that society should do as little as possible to interfere with people's pursuit of success |
| monopoly | complete control of a product or service |
| cartel | loose association of businesses that make the same product |
| trust | a group of separate companies that are placed under the control of a single managing board |
| Sherman Antitrust Act | law passed 1890 that outlawed any combination of companies that restrained trade or commerce |
| horizontal consolidation | process of bringing together many firms that are in the same business to form one large company |
| vertical consolidation | process of gaining control of the many different businesses that make up all phases of a product's development |
| economies of scale | phenomenon that as production increases, the cost of each item produced is often lower |
| business cycle | periodic growth and contraction of a nation's economy |
| piecework | system in which workers are paid not by the hour but by what they produce |
| division of labor | way of producing in which different tasks are performed by different persons |
| socialism | an economic and political philosophy that favors public control of property and income |
| collective bargaining | process in which workers negotiate as a group with employees |
| scab | worker called in by an employer to replace striking laborers |
| anarchist | radical who violently opposes all government |
| Haymarket Riot | 1886 labor-related violence in Chicago |
| Homestead Strike | 1892 strike in Pennsylviania against Carnegie Steel |
| Pullman Strike | 1894 railway workers' strike that spread nation-wide |
