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26 Cards in this Set
- Front
- Back
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Patent |
Licenses that give an inventor the exclusive right to make, use or sell an invention for a set period of time |
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Productivity |
The amount of goods and services created in a given period of time |
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Transcontinental railroad |
Railway extending from coast to coast |
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Bessemer process |
Process which made it easier and cheaper to remove impurities to make steel |
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Mass production |
Production in great amounts |
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Social Darwinism |
Society should interfere with competition as little as possible |
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Oligopoly |
Market structure which is dominated only by a few large profitable firms |
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Monopoly |
Complete control of a product or service |
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Cartel |
Lose association of businesses that make the same product |
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Vertical Consolidation |
Gaining control of the many different businesses that make up all phases of a product's development |
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Economies of scale |
As production increases the cost of each item produced is lower |
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Horizontal consolidation |
Involves the bringing together off many firms in the same business |
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Trust |
When you turn over assets to trustees and in return are promised a share of the profits of the new organization |
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Sherman antitrust act |
Outlawed any combination of companies that restrained interstate trade or commerce |
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Piecework |
Those who worked the fastest and produced the most pieces earned the most money |
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Sweatshop |
Shop where employees work long hours at low wages and poor working condition |
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Division of labor |
Separated tasks to be efficient, but took much joy out of the work |
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Socialism |
Economic and political philosophy that favors public instead of private control of the means of production |
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Craft union |
Rather than organizing all workers the AFL organized only skilled workers in a network of smaller unions each devoted to a specific craft |
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Collective bargaining |
Process in which workers negotiate as a group with employers |
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Industrial union |
Organized workers from all crafts in a given industry |
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Scabs |
Negative term for a worker called in by an employer to replace striking laborers |
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Anarchists |
Radicals who oppose all government, joined the strikers |
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Haymarket riot |
Labor related violence in Chicago |
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Homestead strike |
Strike in Pennsylvania against Carnegie steel |
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Pullman strike |
Railway workers' strike that spread nationwide |
