U.S. History - Chapter 5b
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Created by:
andrew-smith Plus on October 4, 2011
Subjects:
u.s. history, american history
Description:
From the 2008 edition of Glencoe's "The American Vision: Modern Times"
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25 terms
Terms | Definitions |
|---|---|
 entrepreneur | person who risks his own money to organize and run a business |
| Morrill Tariff | an 1861 tax on imported goods which changed international trade patterns |
| time zones | needed to keep railroads running well |
| investors | people who risk their own money to help start a business |
| Great Northern Railroad | successfully built and operated because it avoided government subsidies |
| Northern Pacific Railroad | this company went bankrupt because it accepts government subsidies |
| Henry Villard | operated Northern Pacific Railroad; ruined it by accepting government intervention |
| corporation | business owned by many people; each own a certain number of shares |
| stock | a small share of a corporation which anyone can purchase |
| economies of scale | decreased cost of manufacturing by producing goods quickly in large quantity |
| vertical integration | company owning different businesses on which it depends for supplies |
| holding company | business which simply owns other businesses |
| J.P. Morgan | banker who specialized in lending money to, or buying, railroads and steel manufacturers |
| deflation | rise in the value of money: dropping prices |
| trade unions | workers with the same skill unite to bargain for wages |
| industrial unions | workers in the same industry unite to bargain for wages |
| blacklist | troublemakers, identified by their politics or by their unionizing |
| lockouts | when factory owners shut down a factory to calm unionizing tendencies |
| Marxism | variation of socialism or communism |
| Knights of Labor | bargained for higher wages without striking; used boycotts |
| arbitration | a neutral third party negotiates a compromise |
| injunction | when a court commands something to be done |
| closed shops | factories where only unionized workers are hired |
| American Federation of Labor (AFL) | mega-union created by joining several smaller unions |
| Samuel Gompers | first president of the AFL |
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