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14 Cards in this Set

  • Front
  • Back
a license to make, use or sell an invention
patent
new process, patented in 1856, for making steal more effeciently
Bessemer Process
manufacture of goods in great amounts
Mass Production
Theory, derived from Darwin's theory of natrual selection, that society should do as little as possible to interfere with peoples pursuit of success
Social Darwinism
Complete control of a product or service
monopoly
loose association of buisnesses that make the same product
Cartel
a group of seperate companies that are placed under the control of a single managing board
Trust
A law passed in 1890 that outlawed any combination of companies that restrained trade of commerce
Sherman Antitrust Act
periodic growth and contraction of a nations economy
buisness cycle
System in which workers are paid not by the hour but by what they produce
piecework
way of producing in which different tasks are performed by different persons
division of labor
process by which workers negociate as a group with employers
collective bargaining
work called by an employer to replace striking laborers
scab
radical who violently opposes all government
anarchist