Chapter 20 Vocabulary, The Industrial Age

Consolidation

the practise of combining different companies into one

Railroad baron

a powerful business leader who controlled a major railroad

Standard gauge

4 feet 8.5 inches, the distance between rails agreed upon by all railroad companies

Rebate

a discount or return part of a payment

Pool

a group sharing some activity, for example, among railroad barons who made secret agreements and set rates among themselves.

Model T

early Ford car

Assembly line

a factory method in which work moves past stationary workers who perform a single task again and again

Mass production

factory production of good in large quantities

Factors of production

the resources used in the production process, including natural resources, labor, and capital

Entrepreneur

a person who starts a new business, introduces a new product, or improves a management technique.

Corporation

type of business organization owned by many people, but treated by law as though it were a person

Stock

livestock; shares of ownership a company sells in its business

Shareholder

a person who invests in a company by buying stock

Dividend

a stockholder’s share of a company’s profits, usually as a cash payment

Trust

a combination of firms or corporations formed by a legal agreement, especially to reduce competition

Monopoly

a market where there is only one provider

Merger

the combining of two or more businesses into one

Sweatshop

a shop or factory where workers work long hours at low wages under unhealthy conditions.

Labor union

organization of workers who seek better pay and working conditions

Collective bargaining

discussion between an employer and union representatives of workers over wages, hours, and working conditions for the union membership as a whole

Strikebreaker

a person hired to replace a striking worker in order to break up a strike.

Injunction

a court order to stop something from happening