Industrial Revolution
Terms
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- piecework
- meant that those who worked the fastest and produced the most pieces earned the most money
- monopoly
- a complete control of a product or service. to do this the company would buy out its competitors and drive them out of business
- Sherman Anti Trust Act
- congress passed this law in attempts to limit the amount of control a business could have over an industry
- productivity
- the amount of goods and services created in a given period of time
- cartel
- loose association of businesses that make the same product
- patents
- licenses that give an inventor the exclusive right to make, use, or sell an invention for a set period of time
- polman strike
- railway workers strike that spread nation wide
- HORIZONTAL consolidation
- this brings together the of many firms in the same business.
- industrial union
- organized workers from all crafts in a giving industry
- trust
- managing companies as a single unit
- VERTICAL consolidation
- gaining control of many different businesses that make up all phases of a product's development
- socialism
- economic and political philosophy that favors public instead of private control of property and income
- collective bargaining
- a process in which workers negotiate as a group with employers
- hay market riot
- labor related violence in chicago
- economies of sale
- that is, as production increases, the cost of each item produced is lower. smaller companies were at a disadvantage.
- mass production
- production of great amounts, as a result a new age of building began
- anarchists
- radicals who opposed all government
- oligopoly
- a market structure which is dominated by only a few large, profitable firms
- sweatshop
- a shop where employes worked long hours at low wages under poor working conditions
- scabs
- a negative term for a worker called in for an employers to replace striking laborers
- division of labor
- separates tasks, proved to be efficient
- homestead strike
- strike in PA against carnagie steel
- craft union
- sought to organize only skilled workers in a network of smaller unions, each devoted to a specific craft
- bessemer process
- made by henry bessemer of england, developed a new process of making steel, the bessemer process made it much easier and cheaper to remove the impurities of the steel
- transcontinental railroad
- a railway extended from coast to coast
- social darwinism
- it said that society should do as little as possible to interfere with peoples pursuit of success. It said that if the government stayed out of businesses, those who were the most "fit" would succeed and become rich. Society as a whole would benefit from the success of them