| A | B |
|---|
| Knights of Labor | Most influential labor organization. Tried to bring ALL laboring people into one BIG union. |
| American Federation of Labor | Skilled labor organized into separate unions by craft. Only silled workers who were not women, African American, or immigrants. |
| Entrepreneur | Person who organizes and manages a business or industrial undertaking. |
| Economic of Scale | Ability of large businesses to operate more cheaply & efficiently than smaller ones, resulting in lower per-unit cost for products of large companies |
| Corporations | Form of Business consisting of a group of people authorized by law to act as a single person. |
| Rebate | Discount in the form of a refund or part of a payment for a product or service. |
| Monopoly | Control (or not) which enables a person or company to fix prices and control service. |
| Trust | Combination of companies to gain control of an industry, reduce competition, & overseen by a single board of directors. |
| Robber Baron | An American capitalist, in the late 1800's, who acquired wealth through ruthless business methods. |
| Captains of Industry | Ruthless men who dominated the oil & steel business |
| Lockouts | Closed factory or place of employment caused by a strike, withholding of employer. |
| Scabs | Nonunion replacement workers during a strike or union members who refuse to strike & continue working. |
| Arbitration | Hearing & resolution of a disagreement between two parties through an impartial third party. |
| Laisez-faire | Government doctrine of noninterference in business practices and in the economic affairs of individuals; literally, "let do" |
| Political Machines | Party organization in big cities that holds power by controlling votes, courts, and police |
| Bessemer Process | Converted pig iron into steel by blowing air through molten pig iron, burning out most of the impurities making steel inexpensive to produce. |
| Social Darwinism | Sociological theory that states only the fittest survive social competition & experience social advancement. |
| Philanthropy | Actions to promote human welfare & benefit society. |
| Second Industrial revolution | A period of explosive growth in U.S. manufacturing and industry in the late 1800s. |
| patent | Exclusive rights to manufacture or sale of inventions |
| capitalism | Economic system in which private businesses own & operate most industries; competition determines the gost of goods as well as workers' pay. |
| free enterprise | Economic system in which there is competition between businesses with little government control |
| vertical integration | Ownership of businesses involved in each step of a manufacturing process |
| horizontal integration | Ownership of all businesses in a particular field |
| Sherman Anti-trust Act | 1890 Law that made it illegal to create monopolies or trusts that restrained trade |
| Sherman Silver Purchase Act | 1890 Law that increased the amount of silver purchased by the U.S. governnment for coinage |
| collective bargaining | Process in which union leaders negotiate with factory owners on behalf of workers in a particular business or industry for better wages and working conditions |
| anarchists | People who want to abolish all forms of government |
| Homestead strike | 1862 Law passedd by Congress to encourage settlement in the West by giving government owned land to small farmers |
| Pullman Strike | 1894 railroad strike by workers at Pullman's Palace Car Company that stopped traffic on many railroad lines until federal court orderd the workers to return to their jobs |
| Patrons of Husbandry or National Grange | 1867 Social & educational organization wanting to gain more political repressentation for farmers and to improve their living standards. |
| Interstate Commerce act | 1887 Law regulating trade between the states |
| Interstate Commerce Commission | 1887 Commission created by the Interstate Commerce act to ensure that railroads charged fair rates |
| free coinage | Type of monetary system in which both gold & silver were coined |
| gold standard | Type of monetary system in which currency is backed exclusively by gold |
| Farmers' Alliance | Political Groups formed by farmers in the late 1800s that worked to elect candidates favorable to farmers |
| Populist Party | National political party formed in 1891 that supported free coinage of silver, labor reforms, immigration restrictions, and government ownership of railroads, and the telegraph and telephone systems. |
| wildcatters | one who drills oil wells in the hope of finding oil |
| specialization | when workers repeatedly perform a single step in the production process |
| "Drake's Folly" | Nickname of the Titusville, PA oil well of a man who tried to pump crude oil from the ground |
| Greenback Party | wanted to inflate the money supply with paper dollars bot backed by gold or silver |
| Panic of 1893 was triggered by: | The failure of the Philadelphia and Reading railroad |
