Patent
a license that gives an inventor the exclusive right to make, use, or sell an invention for a set period of time
Productivity
the amount of goods and services created in a given period of time
Edwin Drake
inventor of the oil well, drill,and pump
Thomas Edison
inventor of electric power and light bulb
George Westinghouse
inventor of alternating currents and transformers
Telegraph
faster way to send messages to people using morse code
Alexander Graham Bell
inventor of the telephone
Railroads
transported people and goods coast to coast
Transcontinental Railroad
railway extending from coast to coast
Time Zones
were created to help improve scheduling
Bessemer Process
a process for making steel more efficiently, patented in 1856
Mass Production
production of goods in great amounts
Brooklyn Bridge
a suspender bridge connecting Brooklyn to Manhattan
Andrew Carneige
led to the expansion of the american steel industry
Robber Barons
business leaders that built their fortunes by stealing from the public
Captains of Industry
were the same thing as "robber barons
Railroads Revolutionize Business
a quicker, cheaper, and safer way to transport their products to other parts of the country
John D. Rockefeller
formed the standard oil company
Gospel of Wealth
people should give back to the community
Social Darwinism
derived from Darwin's theory of natural selection, the belief that society should do as little as possible to interfere with people's pursuit of success
Oligopoly
a market structure dominated by only a few large, profitable firms
Monopoly
complete control of a product or service
Cartel
loose association of businesses that make the same product
Vertical Consolidation
process of gaining control of the many different businesses that make up all phases of a product's development
Horizontal Consolidation
the process of bringing together many firms in the same business to form one large company
Economics of Scale
phenomenon that as products increases, the cost of each item produced id often lowered
Trust
a group of separate companies that are placed under the control of a single managing board
Sherman Anti-Trust Act
law passed by Congress in 1890 that outlawed any combination of companies that restrained interstate trade or commerce
American Federation of Labor
an alliance of craft unions disaffected from the Knights of Labor
Industrial Workers of the World
union that organizes workers from all crafts in a given industry
Great Railroad Strike
big strike fro railroad workers against their cut wages
American Railway Union
a policy of unionizing all railway workers, regardless of craft or service
Scabs
negative term for a worker called in by an employer to replace striking laborers
Homestead Strick
1892 strike in Pennsylvania against Carnegie steel
Piecework
system in which workers are paid not by the amount of time worked but by the number of items they produce
Sweatshop
factory where employees work long hours at low wages and under poor working conditions
Frederick Taylor
father of scientific management
Scientific Management
the administration of a business or industry based on experimental studies of efficiency; the application of the principles of the scientific method to managing a business or industry
Division of Labor
way of producing in which different tasks are preformed by different persons
Work Environment
set of conditions under which work is performed
Working Families
many families had to work to make ends meet including children
Socialism
an economic and political philosophy that favors public ( or social) instead of private control of property and income
Knights of Labor
secret organization whose professed purpose is to secure and maintain the rights of workingmen as respects their relations to their employers
Terence Powderly
head of the knights of labor
Samuel Gompers
founded the american federation of labor
Craft Unions
a union for laborers devoted to a specific craft
Collective Bargaining
process in which workers negotiate as a group with employers
Yellow Dog Contract
a labor contract whereby the employee agrees not to join a trade u
Eugene V. Debs
one of the founding members of the industrial workers of the world
Haymarket Square Riot
1886 labor-related violence in Chicago
Anarchists
a radical who opposes all government
Pullman Strick
1894 railway workers' strike that speed nationwide