Vocabulary SS
Terms
undefined, object
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- Philanthropy
- actions benefiting society
- Rebate
- discount
- Injunction
- court order forbiding the union to strike
- scab
- replacement workers
- lockout
- whereby the factory was shut down or by firing union members
- Consolidation
- businesses practice putting several or many companies together
- Free enterprise system
- Meant little government restraint of business
- Laisez faire
- let or allow to do
- Social Darwinism
- applied the biological theories of naturalist Charles Darwin to human society
- collective bargaining
- negotiating between an employer and a labor union
- Corporation
- a company formed by a group of investors who each receive a share of ownership in proportion to the amount they invested
- Bessemer Process
- revolution steel making process, made it faster and cheaper (steel stronger, rust resistant, durable than iron rails tracks last longer, locomotives lighter & faster)
- Company town
- built and run by the companies
- Horizontal integration
- several firms engaged in the same kind of businesses were joined together
- Scrip
- company money that could be redeemed only at the company store
- Vertical integration
- joined businesses engaged in different but related activities
- Standard gauge
- so freight trains could switch lines with out having to change cars
- arbitration
- a process whereby an impartial third party helps workers and managment reach an agreement
- Entrepreneurs
- business organizers
- Real Wages
- wages adjusted for inflation
- Industrial union
- all classes of workers in a single industry are joined together
- Economies of scale
- large factories could mass produce things more cheaply and efficiently than smaller companies
- business cycle
- a recurring sequence of change in business activity