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24 terms

History

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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