

Economic Concepts Flashcard
Flashcard
•
Social Studies
•
8th Grade
•
Practice Problem
•
Hard
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11 questions
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1.
FLASHCARD QUESTION
Front
Complete control of a product or business by one person or group is known as _______.
Back
Monopoly
2.
FLASHCARD QUESTION
Front
Practice where a single entity controls the entire process of a product, from the raw materials to distribution is called _______.
Back
Vertical Integration
3.
FLASHCARD QUESTION
Front
Type of monopoly where a company buys out all of its competition is known as _______. Example: Rockefeller.
Back
Horizontal Integration
4.
FLASHCARD QUESTION
Front
A shop or factory where workers work long hours at low wages under unhealthy conditions is called a _______.
Back
sweatshop
5.
FLASHCARD QUESTION
Front
In this location, a bomb was hurled toward police officials, and police opened fire on the demonstrators; numerous policemen and demonstrators were killed and wounded; response in nation's press was decidedly anti-union. This event is known as the _______.
Back
Haymarket Riot
6.
FLASHCARD QUESTION
Front
Founded in 1886 by Samuel Gompers, this organization sought better wages, hours, and working conditions for skilled laborers. It arose out of dissatisfaction with the Knights of Labor and rejected socialist and communist ideas, being non-violent. This organization is the _______.
Back
American Federation of Labor
7.
FLASHCARD QUESTION
Front
The process by which a union representing a group of workers negotiates with management for a contract is called _______.
Back
collective bargaining
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