| A | B |
|---|
| people who invest money in a product or enterprise in order to make a profit | Entrepreneur |
| process of purifying iron, result strong lightweight steel | Bessemer Process |
| a creative genius who received more than 1000 patents for new inventions | Thomas Alva Edison |
| taxes that make imports cost more than local goods | Protective Tariff |
| business operates under minimal government regulation | Laissez-faire |
| given by the government to an inventor the exclusive right to develop, use and sell an invention for a set period of time | Patent |
| roadway is suspended from a steel cable | Suspension Bridge |
| a division of the globe to tell time for each hour of the day | Time Zone |
| system for turning out large numbers of products quickly and inexpensively | Mass Production |
| a number of people share ownership of a business | Corporation |
| a form of business that gains complete control over a product or service | Monopoly |
| businesses that join other businesses to eliminate other businesses | Cartel |
| oil tycoon, made deals to increase his profits | John D. Rockefeller |
| system of consolidating many firms in the same business | Horizontal Integration |
| assign stock to a board of trustees, who combine them into a new organization; (price fixing) | Trust |
| steel tycoon | Andrew Carnegie |
| gaining control of many different businesses that make up all phases of a product's development | Vertical Integration |
| wealth was a measure of one's inherent value and those who had it were the most "fit" | Social Darwinism |
| first federal body ever set up to monitor American business operations; railroads | ICC (Interstate Commerce Commission) |
| outlawed any trust that operated "in restraint" of trade or commerce among several states. | Sherman Antitrust Act |
| 12 hour workdays, in small hot, dark and dirty workhouses | Sweatshop |
| housing owned by businesses and rented to employees | Company Town |
| negotiating as a group for better wages & working conditions | Collective Bargaining |
| economic and political philosophy that favors public instead of private control over property and income | Socialism |
| founded by Uriah Smith Stephens, included skilled and unskilled labor | Knights of Labor |
| 1881 leader of K.of L.; encouraged boycotts and negotiation with employers | Terence Powderly |
| leader of the America Federation of Labor; | Samuel Gompers |
| started as a craft union, a loose organization of skilled workers from 100 local unions | AFL |
| 1886 labor-related protest in Chicago which ended in deadly violence | Haymarket Riot |
| 1892 strike against Carnegie's steel works in Homestead, Pa | Homestead Strike |
| led the American Railway Union | Eugene Debs |
| violent 1894 railway workers strike which began outside of Chicago and spread nationwide | Pullman Strike |
| resolution of disputes outside of court by a third party; legally binding | Arbitration |
| resolution of disputes outside of court by a neutral third party | Mediation |
