Industrialization

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Question		Answer
entrepreneur start learning		person who invests money in a business to make a profit
protective tariff start learning		tax on imports designed to make imported goods cost more than those made locally
laissez-faire start learning		policy that allows businesses to operate under minimal government regulation
patent start learning		grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time
suspension bridge start learning		bridge in which the roadway is suspended by steel cables
time zone start learning		one of the 24 longitudinal areas of the world within which the same time is used
mass production start learning		system in which factories turn out large numbers of products quickly and expensively
corporation start learning		a business in which a number of people share ownership
monopoly start learning		complete control of a product or service
cartel start learning		arrangement in which businesses making the same product agree to limit their production, keeping prices high
horizontal integration start learning		system of consolidating many firms in the same business into a single company
trust start learning		an arrangement where companies assign their stock to a board of trustees, who combine them into a new organization; trustees run the organization and pay themselves dividends on profits
vertical integration start learning		system of a corporation gaining control of the many different businesses that make up all phases of a product’s development
sweatshop start learning		factory that employs people to work for long hours on machines making mass-produced items
company town start learning		community owned by a business that rented out houses to employees
collective bargaining start learning		negotiating as a group for higher wage or better working conditions
socialism start learning		an economic and political philosophy that favors public, instead of private, control of property and income

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