| A | B |
|---|
| American Federation of Labor | Labor union for white men with a skill. Fought for shorter hours |
| Capital | money |
| Capitalism | Economy having goods and services own by individuals |
| Socialism | Economy having goods and services own by the government |
| Collective Bargaining | Group of workers coming together to negotiate their contract (it’s harder to say no to 100 people that it is to one person) |
| Corporation (Big Business) | Large business where ownership is shared by investors (shareholders). You risk only what you invest |
| Economy | the process or system by which goods and services are produced |
| Horizontal consolidation (Standard Oil) | Eliminating competition buying them out—i.e you buy all the gas stations in St. Louis |
| Industry | The Factories |
| Innovation | A new idea or method for doing something |
| Laissez faire | “Hands off!” Little government intervention in business |
| Mass production | Produce goods in large quantities. It makes the price go down |
| Monopoly | Complete control of a single product or service (i.e Ameren UE in St. Louis) |
| Regulation | an official rule or law that says how something should be done |
| Social Darwinism | “Survival of the Fittest” “Only the strong survive”—helped justify income gap |
| Vertical consolidation (Carnegie Steel) | Owning all phases of production of a product—i.e farm |
| Labor | workers considered as a group |
| Gospel of Wealth | Idea saying “be free to make as much money as possible but use it responsibly” |
| Captain of Industry | A man or corporation that uses their profits to do good in the country |
| Union | an organization of workers formed to protect the rights and interests of its members |
