Industrial Revolution Vocab Review

What is an entrepreneur?

• A person who works for the government to regulate businesses

• People who build and manage businesses or enterprises in order to make a profit, often risking their own money or livelihoods

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

• A small factory where employees have to work long hours under poor conditions for little pay

What does "Laissez-faire" advocate for?

• High government interference in the economy

• Minimal government interference in the economy

• A system of consolidating many firms in the same business Trust

• The belief that certain nations and races are superior to others

What are Protective Tariffs?

• Taxes on domestic goods to support local businesses

• Taxes on imported goods making the price high enough to protect domestic goods from foreign competition

• A method developed in the mid-nineteenth century for making steel more efficiently

• A system of consolidating firms involved in all steps of a product's manufacture

What is a Patent?

• A method developed in the mid-nineteenth century for making steel more efficiently

• Official rights given by the government to an inventor for the exclusive right to develop, use, and sell an invention for a set period of time

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

• A belief held by some in the late nineteenth century that certain nations and races were superior to others

What is a Monopoly?

• A method developed in the mid-nineteenth century for making steel more efficiently

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

• Exclusive control by one company over an entire industry

• A belief held by some in the late nineteenth century that certain nations and races were superior to others

group of separate companies that are placed under the control of a single managing board in order to form a monopoly

• patent

• trust

• monopoly

• free enterprise

What is the Bessemer Process?

• A method developed in the mid-nineteenth century for making steel more efficiently

• Taxes on imported goods making the price high enough to protect domestic goods from foreign competition

• A system of consolidating many firms in the same business Trust

• A belief held by some in the late nineteenth century that certain nations and races were superior to others

What is the concept of Social Darwinism?

• A method developed in the mid-nineteenth century for making steel more efficiently

• Taxes on imported goods making the price high enough to protect domestic goods from foreign competition

• A system of consolidating many firms in the same business Trust

• The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore destined to rule over them

What is Collective Bargaining?

• A process in which employees negotiate with each other about job roles

• A process in which employers negotiate with labor unions about hours, wages, and other working conditions

• A process in which governments set fixed hours, wages, and working conditions for all jobs

• A process in which consumers negotiate prices directly with producers

What does Socialism advocate for?

• An economic theory that advocates for private ownership and free market policies

• An economic theory that advocates for production and distribution based on individual skills

• An economic theory that advocates for production and distribution based on random allocation

• An economic theory that advocates for production and distribution