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Collective Bargaining

negotiations between an employer and a labor union to agree upon a contract

Laissez-Faire

The philosophy that the government should not interfere with businesses

Monopoly

A company that has no competition in business

Lockout

Factories are closed for a time period by a company. A tactic used to force workers to accept a contract

Free Enterprise system

The idea that business should be owned and controlled by private citizens, not by the government

Sherman Anti-Trust Act

A law that attempted to ban or stop the formation of monopolies

Arbitration

An impartial third party helps laborers and management reach a contractual agreement

Assembly Line

A method of production introduced by Henry Ford that had workers add parts to a product that moves along a belt

Vertical Integration

Owning the businesses involved in each step of a manufacturing process

Mass Production

Making large quantities of a product quickly and cheaply

Child Labor

Used as an inexpensive source of labor

Dividend

A payment made by companies to stockholders when it is profitable

Corporation

A business owned by many investors

Industrial Revolution

A drastic change in the way products were made

Philanthropy

When wealthy businessmen donate money to benefit society

Stocks

Shares of ownership in a business

Entrepreneurs

People who start their own businesses

Labor Union

An organization of workers that works to protect the rights of workers

Knights of Labor

One of the first labor unions that accepted all types of workers (both skilled & unskilled)

Horizontal Integration

Owning all the businesses in a particular field

Social Darwinism

Theory that string businesses will survive and weaker ones will fail

American Federation of Labor

A labor union that only accepted skilled laborers as members

Scabs

Non-union workers who will cross a picket line to replace union workers who are on strike

Blacklists

Management's list of perceived troublemakers within the workplace

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