Am History
Terms
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copy deck
- patent
- license that gives an inventor the right to make, use or sell an invention for a period of time
- peoductivity
- amount of goods and services created in a given period of time
- transcontinental railroad
- a railway extending from coast to coast
- bessemer process
- new process for making steel
- mass production
- production in great amounts
- social darwinism
- philosophy that promoted Darwin’s concept to philosophy
- oligopoly
- a market structure which is dominated by only a few large profitable firms
- monopoly
- complete control of a product or service
- cartel
- loose association of businesses
- vertical consolidation
- gaining control of the many different businesses that make up all phases of a product development
- economies of scale
- as production increases, the cost decreases
- horizontal consolidation
- involves the bringing together of many firms
- trust
- managing companies as a single unit
- industrial union
- union that organizes workers from all crafts in a given industry
- piecework
- whoever worked the fastest and produced the most pieces earned the most money
- sweatshop
- a shop where employees worked long hours at low wages
- division of labor
- way of producing in which tasks are performed by different people
- socialism
- an economic philosophy that favors public instead of private control of property and income
- scab
- negative term for a worker
- anarchist
- person who opposes all government
- collective bargaining
- a process where workers negotiate with a group of employees
- labor union
- organization of holders formed to protect the interest of its members
- craft union
- union devoted to a specific craft
- holding company
- firm that buys up stocks and bonds of smaller companies