Industrial Revolution and Business Practices

These flashcards cover key vocabulary terms and concepts related to the Industrial Revolution, business practices, and labor unions.

Philanthropist

A person who seeks to promote the welfare of others, especially by the donation of money to good causes.

Wildcatters

Individuals or companies engaged in exploratory drilling for oil.

Horizontal Integration

Business strategy where a larger company buys out smaller companies making similar products to eliminate competition.

Monopoly

A single organization that dominates a market, controlling price and production.

Trust

A group of companies that work together to control a single market, influencing price and production.

Collective Bargaining

Negotiations between workers and employers to reach written agreements on working conditions.

Closed Shop

A workplace where employees are required to join a union as a condition of employment.

Interstate Commerce Act (1887)

A law that regulated the railroad industry and required government oversight of activities crossing state borders.

Sherman Antitrust Act (1890)

Legislation that made it illegal to interfere with free trade or create monopolies.

Scabs

Replacement workers brought in by companies to break strikes.

Arbitration

A process in which a third party makes a decision to resolve a dispute between labor and business.