USHC Standard 3 Vocabulary Flashcards

Front

Captain of Industry

Back

A business leader whose means of amassing a personal fortune contributes positively to the country in some way.

Front

Robber Baron

Back

A term used for a powerful 19th-century businessman or banker who used questionable or unethical business practices to become powerful or wealthy.

Front

Monopolies

Back

The exclusive possession or control of the supply or trade in a commodity or service.

Front

Laissez-Faire

Back

An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs, and subsidies.

Front

Convict Lease System

Back

A system of penal labor practiced in the Southern United States, providing prisoner labor to private parties.

Front

Philanthropy

Back

The desire to promote the welfare of others, expressed especially by the generous donation of money to good causes.

Front

Social Darwinism

Back

The theory that individuals, groups, and peoples are subject to the same Darwinian laws of natural selection as plants and animals.

Front

Vertical and horizontal integration

Back

Business strategies where a company expands its operations into different steps on the same production path or acquires competitors in the same industry.

Front

Collective Bargaining

Back

Negotiation of wages and other conditions of employment by an organized body of employees.

Front

Labor Unions

Back

An organized association of workers formed to protect and further their rights and interests.