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26 Cards in this Set
- Front
- Back
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patent
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licenses that give inventors the exclusive right to make use or sell an invention for a set period of time
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productivity
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the amount of goods and services created in a given period of time
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transcontinental railroad
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a railroad extending from coast to coast
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bessemer process
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a process for making steel more efficiently patented in 1856
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mass production
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production in great amounts
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social darwinism
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derived from darwins theory of natural selection, the belief that society should do as little as possible to interfere with peoples pursuit of success
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oligopoly
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a market structure dominated by only a few large portible firms
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monopoly
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complete control of one product or service
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cartel
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a loose association of businesses that make the same product
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vertical consolidation
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gaining control over the many different businesses that make up all phases of products development
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economies of scale
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as production increases, the cost of the product is lowered
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horizontal consolidation
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bringing together many firms in the same business
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trust
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a group of separate companies that are placed under tge control of a single managing board
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sherman antitrust act
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outlawed any combination of companies that restrained interstate trade or commerce
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piecework
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those who worked the fastes and produced the most pieces earns the most money
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sweatshop
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a shop where employees worked long hours at low wages and under dangerous conditions
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division of labor
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a way of producing in which different tasks are performed by each person
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socialism
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an economic and political philosophy that favors public instead of private control of the means of production
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craft union
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only skilled workers in a network of smaller unions each devoted to a specific craft
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collective bargaining
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a process in which workers negotiate as a group with employers
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industrial union
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organized workers from all crafts in a given industry
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scabs
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a negative term for a worker called in by an employer to replace striking laborers
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anarchists
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radicals who oppose all government
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hay market riot
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18886 labor related violence in Chicago
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homestead strike
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1892 strike in Pennslyvania against Carnegie Steel
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pullman strike
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1894 railway strike that spread nationwide
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