Industrialization

entrepreneur

person who invests money in a business to make a profit

protective tariff

tax on imports designed to make imported goods cost more than those made locally

laissez-faire

policy that allows businesses to operate under minimal government regulation

patent

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

bridge in which the roadway is suspended by steel cables

time zone

one of the 24 longitudinal areas of the world within which the same time is used

mass production

system in which factories turn out large numbers of products quickly and expensively

corporation

a business in which a number of people share ownership

monopoly

complete control of a product or service

cartel

arrangement in which businesses making the same product agree to limit their production, keeping prices high

horizontal integration

system of consolidating many firms in the same business into a single company

trust

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

system of a corporation gaining control of the many different businesses that make up all phases of a product’s development

sweatshop

factory that employs people to work for long hours on machines making mass-produced items

company town

community owned by a business that rented out houses to employees

collective bargaining

negotiating as a group for higher wage or better working conditions

socialism

an economic and political philosophy that favors public, instead of private, control of property and income