2.1 & 2.3 Vocabulary

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Entrepreneurs

People who build and manage businesses or enterprises in order to make a profit

Free enterprise

Freedom of private businesses to organize and operate for profit in a competitive system/market without interference from the government beyond basic regulations such as protecting public interest and keeping the national economy in balance

Laissez-faire

The absence of government control over personal and economic life

Protective tariffs

The taxes on imported goods designed to protect the domestic industry

Patent

The official rights given by the government to an inventor for the exclusive right to develop

Thomas Edison

An American inventor who held over 1

Bessemer process

A method developed in the mid-19th century for making steel more efficiently

Suspension bridge

A bridge that has a roadway suspended by cables

Time zones

Divisions of the globe along meridians that establish local time

Mass production

Production of goods in large numbers through the use of machinery and assembly lines (long lines of factory workers)

Cash crop

A crop grown for sale.

Sweatshops

Small factories where employees have to work long hours under poor conditions for little pay.

Company towns

Communities in which residents rely upon one company for jobs

Collective bargaining

Process in which employers negotiate with labor unions about hours

Socialism

System or theory under which the means of production are publicly controlled and regulated rather than owned by individuals

Knights of Labor

Labor unions that sought to organize all workers and focused on broad social reforms

Terence V. Powderly

An American labor leader who led the Knights of Labor for several years in the late 19th century with the goal of leading American workers out of what he saw as the bondage of wage labor

Samuel Gompers

An American labor leader and the first president of the American Federation of Labor. He advocated organized strikes and boycotts to achieve the organization's goals

American Federation of Labor (AFL)

Labor union that organized skilled workers in a specific trade and made specific demands rather than seeking broad changes

Haymarket Riot

1886 labor-related protest in Chicago which ended in deadly violence

Homestead Strike

1892 strike against Carnegie's steelworks in Homestead

Eugene V. Debs

A labor organizer and social leader who advocated for the rights of railway workers. He ran for president five times between 1900 and 1920 as a candidate for the Socialist Party

Pullman Strike

Violent 1894 railway workers' strike which began outside of Chicago and spread nationwide.