Term
|
Definition
| The total value of all goods and services that a country produces |
|
|
Term
|
Definition
| Raw materials used to create products |
|
|
Term
|
Definition
| Drilled the first oil well near Tituseville, Pennsylvania in 1859 |
|
|
Term
|
Definition
| Invented the telephone in 1876 |
|
|
Term
|
Definition
| His laboratory in New Jersey was the forerunner of the modern research laboratory - he later created the General Electric Company |
|
|
Term
|
Definition
| "Let people do as they choose" - the belief that the government should not interfere in the economy |
|
|
Term
|
Definition
| People who risk their capital to organize and run their own businesses |
|
|
Term
|
Definition
| An act the nearly tripled tariffs (taxes) on foreign goods |
|
|
Term
|
Definition
| This act provided for the construction of a transcontinental railroad by two corporations in 1862 |
|
|
Term
|
Definition
| A former Union general, he was the engineer who directed the Union Pacific railroad workers |
|
|
Term
|
Definition
| One of the "Big Four" who owned the Central Pacific Railroad company - he was also the governor of California and a US senator |
|
|
Term
|
Definition
| Starting in Nebraska and working westward, they built part of the transcontinental railroad |
|
|
Term
|
Definition
| Starting in California and working eastward, they built part of the transcontinental railroad |
|
|
Term
|
Definition
| One of the most successful railroad consolidators - a very very rich man |
|
|
Term
|
Definition
| Created by the American Railway in 1883 to prevent collisions and scheduling errors - the government ratified these in 1918 |
|
|
Term
|
Definition
| People who put money into other people's businesses |
|
|
Term
|
Definition
| Land given by the government for roads, railroads, or agricultural colleges |
|
|
Term
|
Definition
| A notoriously corrupt railroad owner |
|
|
Term
|
Definition
| A construction company set up by stockholders of the Union Pacific Railroad - they caused a scandal by signing contacts with themselves for inflated prices |
|
|
Term
|
Definition
| Name for people who loot an industry and give nothing back |
|
|
Term
|
Definition
| Built and operated the Great Northern Railroad, the most successful transcontinental railroad |
|
|
Term
|
Definition
| An organization owned by many people but treated by law as though it were a person |
|
|
Term
|
Definition
| Money or capital invested or available for investment or trading - allows a corporation to raise money while spreading out the risk |
|
|
Term
|
Definition
| The cost of manufacturing is decreased by producing goods quickly in large quantites |
|
|
Term
|
Definition
| Costs a company has to pay, whether or not it is operating (loans, taxes, etc.) |
|
|
Term
|
Definition
| Costs that occur when running a company (wages, supplies, shipping, etc.) |
|
|
Term
|
Definition
| Agreements between companies to set prices |
|
|
Term
|
Definition
|
|
Term
|
Definition
| An investor who opened a steel company that used the Bessemer process to create steel efficiently and cheaply - used vertical integration |
|
|
Term
|
Definition
| When a company owns all the businesses that it depends on (example: a steel company owns coal mines, limestone quarries, and iron mines) |
|
|
Term
|
Definition
| Combining firms in the same business into one large corporation |
|
|
Term
|
Definition
| His company, Standard Oil, practiced horizontal integration by buying out other, smaller oil refineries |
|
|
Term
|
Definition
| When a single company achieves control of an entire market |
|
|
Term
|
Definition
| A legal arrangement that allows one person to manage another person's property - used to avoid laws against monopolies |
|
|
Term
|
Definition
| Does not produce anything itself, but owns stock of companies that do produce goods - manages the companies to effectively merge them into one large enterprise |
|
|
Term
|
Definition
| Specialized in helping companies issue stock |
|
|
Term
|
Definition
| A rise in the value of money |
|
|
Term
|
Definition
| Workers with special skills and training |
|
|
Term
|
Definition
| Workers with fewer skills and lower wages |
|
|
Term
|
Definition
| An organization of workers with the same trade or skill |
|
|
Term
|
Definition
| An organization that unites all workers in a particular industry |
|
|
Term
|
Definition
| A list of "troublemakers" created by companies to identify workers who wanted to organize unions |
|
|
Term
|
Definition
| Companies locked workers out of the property and refused to pay them |
|
|
Term
|
Definition
| Replacements hired by employers during lockouts or strikes |
|
|
Term
|
Definition
| The belief that the class struggle between workers and company owners would lead to revolt - associated with socialism and communism |
|
|
Term
|
Definition
| The belief that society does not need any government |
|
|
Term
| The Great Railroad Strike |
|
Definition
| In 1877, this strike involved 80,000 workers - police and federal troops were called in to restore order, and over 100 people died in the fight |
|
|
Term
|
Definition
| A labor group founded in 1869 that opposed strikes and used boycotts to pressure employers - welcomed women and African Americans as members |
|
|
Term
|
Definition
| A process in which a third party helps workers and employers reach an agreement |
|
|
Term
|
Definition
| A 1886 Chicago strike involving 70,000 people that led to violence after police shot protesters and workers shot back - this event hurt the Knights of Labor's reputation |
|
|
Term
|
Definition
| A 1892 Pennsylvania strike that occurred when steel workers were locked out of work - the strikers attacked the strikebreakers brought in to replace them |
|
|
Term
|
Definition
| A strike in which workers refused to work and unions boycotted Pullman rail cars - railroad managers attached U.S. mail cars to the Pullman cars to force workers to use them |
|
|
Term
|
Definition
|
|
Term
| American Federation of Labor (AFL) |
|
Definition
| The dominant union of the late 1800s - its three goals were to get companies to recognize unions, to get companies to only hire union members, and to promote an eight hour workday |
|
|
Term
|
Definition
| The first president of the AFL, he was willing to strike, but preferred to negotiate - "pure and simple" unionism |
|
|
Term
|
Definition
| Companies that only hired union members |
|
|
Term
| Industrial Workers of the World (IWW) |
|
Definition
| This organization tried to organize the unskilled workers who were ignored by most unions |
|
|
Term
|
Definition
| A successful strike organized by the IWW which involved 25,000 textile workers |
|
|
Term
|
Definition
| To be composed of, made up of, or formed from |
|
|
Term
| Women's Trade Union League (WTUL) |
|
Definition
| The first national association dedicated to promoting women's labor issues - focused on the eight hour workday, creation of minimum wage, and abolition of child labor |
|
|
Term
|
Definition
| A successful labor leader who organized mineworkers |
|
|
