Chapter 4 Triumph of Industry

A person who invests money in a product or business with the goal of making a profit

• Entrepreneur

• Protective Tariff

• Laissez Faire

• Patent

• Bessemer Process

A tax on imported goods making the price high enough to protect domestic goods from foreign competition.

• Entrepreneur

• Protective Tariff

• Laissez Faire

• Patent

• Bessemer Process

Lenient, as in the absence of government control over business

• Entrepreneur

• Protective Tariff

• Laissez Faire

• Patent

• Bessemer Process

The official rights given by the government to inventors for the exclusive right to develop, use , and sell an invention for a period of time.

• Entrepreneur

• Protective Tariff

• Laissez Faire

• Patent

• Bessemer Process

A method for making steel more effectively

• Entrepreneur

• Protective Tariff

• Laissez Faire

• Patent

• Bessemer Process

Making goods in large numbers through the use of machinery and assembly lines

• Mass Production

• Corporation

• Monopoly

• Cartel

• Horizontal integration

Company recognized as a legal unit that has rights and liabilities separate from each of its members

• Mass Production

• Corporation

• Monopoly

• Cartel

• Horizontal integration

The exclusive control by one company over an entire industry.

• Mass Production

• Corporation

• Monopoly

• Cartel

• Horizontal integration

An association of producers of a good or service that prices and controls stocks in order to monopolize the market.

• Mass Production

• Corporation

• Monopoly

• Cartel

• Horizontal integration

A system of consolidating many firms in the same business

• Vertical Integration

• Corporation

• Monopoly

• Trust

• Horizontal integration