Topic 2 Part 1 Vocab Quiz

Which of the following describes people who build and manage businesses in order to produce a profit?

• Corporation

• Entrepreneur

• Monopoly

• Tariff

Freedom to run a business for profit with minimal regulation beyond what is necessary to protect public interest

• Laissez-faire

• Communism

• Free Enterprise

• Mass Production

What is a protective tariff?

• taxes that help unions build membership

• taxes that made foreign goods cheaper than American products

• legislation to keep entrepreneurs protected in free market

• taxes that made imported goods cost more than those made in the United States

What is it called when a corporation has complete control of a product or service?

• Monopoly

• Cartel

• Corporation

• Union

What is the name for the system of consolidating many firms in the same business?

• Monopolizing

• Vertical Integration

• Horizontal Integration

• Trust

What is Social Darwinism?

• The idea that Robber Barons were doing what was best for society

• A new type of artwork that focused on realistic features

• When the government has a "hands off' policy towards business

• When wealthy individuals credit Charles Darwin's theory for their success as they were most "fit"

This is when factory workers in the 1820's negotiated as a group to try and gain more power.

• Collective Bargaining

• Monopoly

• Knights of Labor

• Arbitration

An economic and political philosophy that favors public, instead of private, control of property and income

• Communism

• Liberalism

• Socialism

• Oligarchy

This organization was a loose organization of 100's of unions of skilled workers devoted to specific crafts. It focused on wages working hours and working conditions.

• American Federation of Labor

• Knights of Labor

• Homestead of Labor

• Gompers Union

This was a steelworkers and miners protest in Pennsylvania in response to wage cuts. It resulted in local militia being brought in to end the violence and a drop in support for unions.

• Pullman Strike

• Homestead Strike

• Haymarket Riot

• Steelworkers Strike