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