| Term | Definition |
|---|
| monopoly | a business that would eliminate all competition for its products and this charge any price it wishes |
| social darwinism | society should do as little as possible to interfere with the process by which people succeed or pail |
| scabs | strikebreakers who replace striking workers and allow a company to continue operating |
| transcontinental railroad | railroad that would cross the entire country |
| pullman strike | strike that involved the railroad industry |
| trust | a group that manages a company as a single unit |
| cartels | loose associations of businesses making the same product |
| andrew carnegie | was once in control of the entire steel industry |
| socialism | economic and political philosophy that advocates collective or government ownership of factories |
| thomas edison | helped electricity become more widely available |
| vertical consolidation | a method by which they gained control of all phases of the products development |
| horizontal consolidation | involved bringing together many firms in the same business |
| alexander grahem bell | inventor of the telephone |
| brooklyn bridge | longest bridge built in the US for its time |
| collective bargaining | workers negotiate as a group with employers |
| economy scale | expanding enterprises and producing more goods making cost of items to go down |
Combine with other sets
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