ss vocab

corporation

corporation

business that is owned by investors who buy stock

entrepreneur

individual who spots a need in the marketplace and fulfills it; person who operates a business

laissez-faire

economic theory that gov should have minimal interference in economic affairs

capitalism

economic system based on private ownership of resources and production designed to make a profit - "free market"

robber baron

the neg term for rich businessmen who became rich off the labor of their workers

mass production

using interchangeable parts, assembly lines, labor, and machines for assembly of goods

monopoly

market structure characterized by a single producer; form of imperfect competition (one seller - one unique product)

trust

group of corporations that unite to reduce competition

urbanization

growth of cities due to industrialization

collective bargaining

negotiation between employer and employees of a trade union about salaries

labor union

organization of workers that fight for better wages and working conditions

strike

unionized workers leave their jobs and refuse to work until certain demands are met by management

scab

term used by union workers to refer to un-unionized workers who go to work during a strike

gilded age

age between civil war and ww1: corrupt time when american economy grew rapidly and individuals were able to use monopolies and trusts to amass money

progressive movement

a social and political movement in early 1900s that focused on improving conditions in american life

tenements

urban housing for the poor with unsafe & unsanitary conditions

social welfare

gov program which seeks to provide a min level of income/support for the disabled, poor, elderly

social darwinism

theory that people and societies compete for survival, with the fit becoming strong and wealthy while the weak struggle to survive

populist party

political party that supported rights of workers

nativism

attitude of resentment towards foreign-born people (anti-immigration party)