Chapter 6 Vocabulary Quiz

Licenses that give the inventor exclusive rights to make, use, sell an invention for a set period of time.

• Patent

• Productivity

• Cartel

  
  

Amount of goods or services created in a time period

• Bessemer Process

• Productivity

• Mass Production

  
  

Railway extending from coast to coast

• Transcontinental Railroad

• Bessemer Process

• Social Darwinism

Process for making steel which was easier and cheaper to remove impurities

• Social Darwinism

• Mass Production

• Bessemer Process

Production in large amounts

• Mass Production

• Oligopoly

• Monopoly

Concept of human society that said society should interfere with competition as little as possible; opposed govt intervention to protect workers; the fittest would survive and become rich

• Trust

• Oligopoly

• Social Darwinism

dominated by a few, large profitable firms--cars, cereals, household appliances

• Oligopoly

• Monopoly

• Cartel

dominated by a few, large profitable firms--cars, cereals, household appliances

• Monopoly

• Vertical Consolidation

• Trust

loose association of business that make same product--agree to limit supply so they keep prices high

• Trust

• Cartel

• Economies of Scale

when company owns all businesses that make up their product's development

• Vertical Consolidation

• Horizontal Consolidation

• Trust