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Vocab & People
Vocab & People
People & Vocab
People & Vocab
Vocab & People
100
licenses that give an inventor the exclusive right to make, use, or sell an invention for a set period of time
patent
100
Patented an improved method for producing the filament in light bulbs
Lewis Latimer
100
Created alternating current, which could generate power cheaper and longer distances. Also created the air brake making trains safer
George Westinghouse
100
the amount of goods and services created in a period of time
productivity
100
Was sent to Titusville Pa to drill for oil, and struck it making it more efficient and cheaper
Edwin L. Drake
200
A more efficient and cheaper way to make steel
Bessemer Process
200
Designed the Brooklyn Bridge but died shortly after construction started
John A. Roebling
200
Created the Standard Oil Company in 1870. He used horizontal consolidation to improve his business
John D. Rockefeller
200
Owned Carnegie Steel, used vertical integration, and wrote "The Gospel of Wealth"
Andrew Carnegie
200
The belief that society and government should interfere as little as possible with competition
Social Darwinism
300
A market structure which is dominated by a few large firms
Oligopoly
300
Complete control of a product or service
Monopoly
300
A loose association of businesses that make the same product
Cartel
300
Gaining control of the many businesses that make up the phases of a product's development
Vertical consolidation
300
As production increases, the cost of each item produced is lowered
Economics of Scale
400
The bringing together of many firms in the same business
Horizontal Consolidation
400
Outlawed any combination of companies that restricted interstate trade
Sherman Antitrust Act
400
A system where you get paid by the amount of products you make
peicework
400
A proccess in which employees negotiate as a group with employers
collective bargaining
400
A negative term for a worker brought in by an employer to replace striking laborers
scab
500
Radicals who oppose all government
anarchists
500
1886 labor related violence in Chicage
Haymarket Square Riot
500
1892 strike in Pennsylvania against Carnegie Steel
Homestead Strike
500
1894 railway workers' strike that spread nationwide
Pullman Strike
500
organized workers from all crafts in a given industry
Industrial Union