18 terms

Chapter 16 definitions

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Terms in this set (...)

trust
a number of leagally grouped companies under a single board of directors
monopolu
total ownership of a product or service
collective bargaining
a technique used by labor unions in which workers act collectively to change working conditions or wages
haymart riot
union member went on strike because they wanted an 8 hour day. someone threw a bomb that wounded many police men and killed eight. the police fired into the crowd killing several people and wounding 100 others
knights of labor
the first national labor union is worked for better conditions for all workers in a factory or industy. they wanted an 8 hour day, equal pay for equal work and an end to child labor
american federation of labor
. it organized individual national unions such as the mine worker's and the steelworker's unions
pullman strike
after almost half the workers were laid off and pay cut for those who left, the workers went on stirke. they stopped traffic on many railroad lines until federal courts ordered the workers to return to their jobs
homestead strike
a violent strike which took place after andrew carnegie proposed buying new machinery which would cut jobs
political machinesq
a powerful organization that used both legal and illegal methods to get their condidates elected to public office. pay people for their votes, bribe vote counters, trade favors for votes, offer city jobs or allow in illegal businessmen to operate
recall
to remove an elected official before the end of his or her term
referendum
allows voters to approve or reject a law that has already been proposed or passed by government
initiatve
allows voters to propose a new law by collecting signatures on a petition
bessemer process`
a way to manufacture steel quickly and cheaply by blasting hot air through melted iron to quickly remove an impurities
patent
the ewxclusive right to make or sell invnetions. it protects inventions from being manufacture by others
corporation
business that sells portions of ownership which are called stock shares. people who purchase the stocks recieve a percentage of profits based on the amount of stock they own
vertical integration
ownership of a business involved in each step of a manufacturing process. a vertically integrated steel company might produce raw materials at its own coal and iron mines and make finished prodcuts at its own steel mills
horizontal integration
owning and combing two or more firms producing the same kind of product
workers compensation laws
laws which guarantee a portion of lost wages to workers injured on the job