Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
23 Cards in this Set
- Front
- Back
entrepreneur |
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
|
|
Protective tariff |
imposed in order to raise government revenue, or to reduce an undesirable activity (aim of protecting a domestic industry)
|
|
laissez-faire |
no government interference in business |
|
Patent
|
a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention
|
|
Thomas Edison |
US inventor, received more than 1000 patents |
|
Bessemer Process |
a steel-making process
|
|
Suspension Bridge
|
bridge in which the weight of the deck is supported by vertical cables suspended from larger cables that run between towers and are anchored in abutments at each end
|
|
Mass Production |
manufacture of large quantities of standardized products, frequently utilizing assembly line technology
|
|
Corporation |
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law
|
|
Monopoly
|
the exclusive possession or control of the supply or trade in a commodity or service
|
|
JD Rockefeller |
Oil tycoon |
|
Horizontal Integration
|
process of a company increasing production of goods or services at the same part of the supply chain
|
|
Trust |
confidence placed in a person by making that person the nominal owner of property to be held or used for the benefit of one or more others
|
|
Andrew Carnegie |
Steel tycoon |
|
vertical integration
|
the combination in one company of two or more stages of production normally operated by separate companies
|
|
social darwinism
|
the theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals
|
|
Interstate Commerce Commission
|
A body within the U.S. Department of Congress, charged with regulating the pricing of the movement of goods across state lines
|
|
Sherman Antitrust Act (SAA)
|
that prohibits monopolies or unreasonable combinations of companies to restrict or in any way control interstate commerce
|
|
Collective Bargaining
|
negotiation of wages and other conditions of employment by an organized body of employees
|
|
Socialism |
political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole
|
|
Samuel Gompers
|
American labor union leader and a key figure in American labor history, founded the American Federation of Labor (AFL)
|
|
American Federation of Labor(AFL)
|
national federation of labor unions in the United States. It was founded in Columbus, Ohio, in December 1886
|
|
Eugene V Debs
|
imprisoned in the 1890s for illegally encouraging a railway strike
|