| A | B |
|---|
| Thomas Edison | invented the light bulb. |
| Entrepreneur | people who invest money in a product or enterprise in order to make a profit. |
| Protective tariff | tax on imported goods making the price high enough to protect domestic goods from foreign completion. |
| Lassiez faire | lenient, as in the absence of govt. control over prices. |
| Patent | official rights given by the govt. to an inventor for the 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 |
| Monopoly | exclusive control by one company over an entire industry. |
| 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. |
| horizontal intergration | system of consolidating many firms in the same business. |
| Trust | group of separate companies that are placed under control of a single managing board in order to form a monopoly. |
| Urbanization | expansion of cities and an increase in the number of people living in them. |
| nativist | person who favors native born inhabitants over immigrants. |
| Collective Bargaining | process in which employers negotiate with labor unions about hours wages and other working conditions |
| Patronage | awarding govt. jobs to loyal party workers. |
