Social Studies Chapter 20 Vocab

Consolidation

the practice of combining different companies into one

Railroad Barons

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

Rebates

a discount or return of part of a payment

Pool

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

Telegraph

a device that used electric signals to send messages

Patent

A patent is a license issued by the government that gives someone the right to make, use, and sell an invention without others copying it.

Phonograph

a device for reproducing sounds by means of using a needle that follows grooves made on cylinders, such as the ones here, or on a disc

Mechanism

a set of moving or working parts in a machine or other device

Model T

early Ford car

Assembly Line

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

Mass Production

factory production of goods in large quantities

Factors of Production

land, labor, and capital used to make goods and services

Entrepreneurs

a person who starts a business

Capital

a person who starts a business

Corporation

legally defined organization of people and resources with the purpose of doing business

Stock

shares of ownership a company sells in its business

Shareholder

a person who invests in a company by buying stock

Dividends

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

total control of a type of industry by one person or one company

Mergers

the combining of two or more businesses into one

Sweatshops

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

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

Injunction

a court order to stop something from happening