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34 Cards in this Set

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entrepreneur
person who organizes or manages a business
economies of sale
Do you mean economies of scale?
ability of big businesses to sell little businesses

economy of scale is the advantage big business have over small ones. They can buy in bulk & sell at bigger discount etc
corporation
form of business that is created by the grant of a state charter; enables a group of individuals to operate as a single "artificial legal person"
holding companies
a company with controlling shares in other companies
trust
something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)
horizontal integration
absorption into a single firm of several firms involved in the same level of production and sharing resources at that level
vertical integration
absorption into a single firm of several firms involved in all aspects of a product's manufacture from raw materials to distribution
Horatio Alger
author of inspirational adventure stories for boys; virtue and hard work overcome poverty (1832-1899)
Ida Tarbell
author and journalist, known as one of the leading muckrakers -- a muckraker is a journalist or an author who searches for and exposes scandals and abuses occurring in business and politics.
Sherman Antitrust Act
1880 -- the principal antimonopoly law in United States
rebate
A rebate is an offer in which the purchase of a product entitles the buyer to mail in a coupon or receipt and receive a check for a particular amount, depending on the particular product, time, and place of purchase.
Social Darwinism
a kind of social theory that draws an association between big business and the survival of the fittest (only big business will survive) -- Charles Darwin
philanthropy
voluntary promotion of human welfare - the action to benefit society
Bessemer process
an industrial process for making steel using a Bessemer converter to blast air through through molten iron and thus burning the excess carbon and impurities; the first successful method of making steel in quantity at low cost
real wages
income reduced because of inflation
Jane Addams
co-founded (with Ellen Gates Starr) Hull House Hull House, founded in Chicago, Illinois --was one of the first settlement houses in the U.S. --its main purposes were to provide social and educational opportunities for working class people in the neighborhood
--also a leader in women's suffrage and pacifist movements.
business cycle
sequence of economic actitivy --
refers to the ups and downs seen somewhat simultaneously in most parts of an economy. They tend to repeat at fairly regular time intervals
company towns
A company town is a town or city
in which all or almost all real
estate, buildings and other necessities or luxuries of life within its borders are owned by a single company
lockout
work stoppage in which an employer prevents employees from working - this is different from a strike where workers refuse to work
collective bargaining
process of negotiation between unions and employers over wages, hours or working conditions
Homestead lockout
1893 - labor dispute where Carneghie Steel Company hired a private army of 300 Pinkerton detectives armed with rifles
Railroad Strike of 1877
companies cut workers' pay as much as 35%; lengthened workdays; discontinued "free ride" policy

B&O workers held a work stoppage; firemen abandoned trains; strikers took over town of Martinsburg, W.Va.; governor of West Virginia sent state militia and then federal troops in to regain control
Knights of Labor
U.S. labor organization that attempted to bring all labor groups (skilled/unskilled, black/white, men/women, white collar/blue collar) into one BIG union
American Federation of Labor (AFL)
labor organization for only skilled male workers; organized workers into separate unions each covering a particular craft

president: Samual Gompers
arbitration
parties in a dispute submit their positions to a neutral third party for resolution
Haymarket Square Riot
May 1886; During a meeting to denounce the events of the previous days, the police began to disperse the crowd when someone threw a bomb, killing twelve people; policemen killed. Some of the speakers earlier in the day had been anarchists, and so the crime was presumed to have been committed by an anarchist; eight German-Americans that organized the rallies were accused and found guilty
Samuel Gompers
president of AFL for 37 years
industrial union
a union organizing method through which all workers in the same industry are organized into the same union -- regardless of skill or trade -- thus giving workers in one industry, or in all industries, more leverage in bargaining and in strike situations.
Pullman Strike of 1894
1894, Illinois
George Pullman cut wages without an equivalent decrease in rent and other expenses. Discontented workers joined the American Railway Union led by Eugene Debs; effectively shut down production in Pullman factories; buildings were set on fire; strike would be broken by 12,000 federal troops ordered in by President Cleveland because U.S. Mail was being obstructed.
Eugene Debs
prominent American labor leader; organized first industrial union - the ARU; jailed for part in Pullman Strike; would run for President as a Socialist
Grover Cleveland
US President 1885-89 and 1893-97;
vigorously pursued a policy barring special favors to any economic group; vetoed many private pension bills; signed Interstate Commerce Act (first law attempting federal regulation of railroads)

"If it takes the entire army and navy of the United States to deliver a post card in Chicago," he thundered, "that card will be delivered."
Senator Henry Cabot Lodge
strongly against immigration; argued for a bill that would exclude all prospective immigrants that could not read or write at least 25 words of the US Constitution
urbanization
increase in city population; rising new industries held out the promise of jobs and opportunities, held promise of excitement and activity, luxuries like running water, shops, convenient transportation, etc.
merchandising
buying and selling of goods for profit;
one product is used to sell another