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18 Cards in this Set
- Front
- Back
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Bessemer Process
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the mass production of steel from molten pig iron prior to the open hearth furnace.
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Business cycle
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economy wide changes in production or economic activity over several months or years
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Capital
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material wealth
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Collective bargaining
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negotiations between management and a union about pay and conditions of employment
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Mass Production
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the manufacturing of products in very large quantities in factories, especially using mechanization and assembly-line methods
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Populist Party
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a U.S. political party formed in the 1890s to represent the interests of farmers and laborers
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Trust
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A legal arrangement whereby control over property is transferred to a person or organization
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Vertical integration
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When a company expands its business into areas that are at different points on the same production path
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Homestead Strike
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was an industrial lockout and strike which began on June 30, 1892, culminating in a battle between strikers and private security
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Horizontal integration
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The acquisition of additional business activities that are at the same level of the value chain in similar or different industries
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Interstate Commerce Commission
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was a regulatory agency in the United States created by the Interstate Commerce Act of 1887.
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Labor union
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are legally recognized as representatives of workers in many industries in the United States
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Monopoly
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when a specific person or enterprise is the only supplier of a particular material
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Pullman Strike
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was a nationwide conflict in the summer of 1894 between the new American Railway Union (ARU) and railroads that occurred in the United States
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Entrepreneur
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commonly used to describe an individual who organizes and operates a business or businesses
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Laissez-faire
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is an economic environment in which transactions between private parties are free from tariffs
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Corporation
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an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members
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Sherman Anti-trust Act
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the first and most significant of the U.S. antitrust laws
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