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Flashcards in Exam 1 Deck (36)
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1

legal document issued by the government giving the holder exclusive rights to use, make, and sell a process, product, or device for a specified period of time

patents

2

market at which shares of ownership in corporation are bought and sold

stock exchange

3

products such as food and clothing that fill the needs and wants of individuals

consumer goods

4

strategy of business growth that attempts to stifle competition by combining more than one firm involved in the same level of production, transportation, or distribution into a single firm

horizontal combination (horizontal integration)

5

business arrangement in which owners of shares in a business turn over over their shares "in trust" to a board with power to control those businesses for the benefit of the trust

trust

6

philosophy of social economic organization in which the means of producing and distributing goods are owned collectively or by government

socialism

7

court order requiring individuals or groups to participate in or refrain from a certain action

injunction

8

differed from earlier arrivals from northern and western Europe; these newcomers came from eastern and southern Europe and were largely non-Protestant: Catholics, Jews, and Russian Orthodox Christians

"new" immigrants

9

building often in disrepair and usually five or six stories in height, in which cheap apartments were rented to tenants

tenement

10

hierarchical political organization developed in the nineteenth century that controlled the activities of a political party and was usually headed by a political boss

political machine

11

social reform effort that used neighborhood centers in which settlement house workers lived and worked among the poor, often in slum neighborhoods

settlement house

12

reform movement, begun in the 1820s, to restrain the sale and use of alcohol

temperance movement

13

schools that trained teachers, usually for two years and mostly for teaching in the elementary grades

normal schools

14

in elections, a candidate who receives a plurality wins more votes than any other candidate but less than half of all votes cast. receiving more than half of the votes cast is called a majority

plurality

15

political outlook that supports the rights and powers of the common people in opposition to the interests of the privileged elite

populism

16

acquisition of control over the government and the economy of another nation, usually by conquest

imperialism

17

theories of warfare and trade that rely on a nation's navy as a principal instrument of policy

navalism

18

brand of newspaper reporting that stresses excitement and shock over even-handedness and dull fact

yellow journalism

19

geographic region beyond its border over which a nation exerts political or economic control

sphere of influence

20

Centennial Election 1876

Southern democrat Tilden won popular vote, but republican Hayes took the White House-South angry; comprise to please south and help bring them into 19th century; symbolized new direction-practicality of economic growth, practicality of business growth, practicality of industrial capitalism

21

Theory of Creative Destruction

50 year cycle of boom and bust; Joseph Schumpeter's idea of thriving during new innovations (boom), but whatever was replaced goes out of profit and drags economy down (bust)

22

Adam Smith

wrote The Wealth of Nations; if businesses succeed/act in their own best interest, then the economy as a whole will profit

23

a doctrine opposing governmental interference in economic affairs beyond the minimum necessary for the maintenance of peace and property rights

laissez–faire

24

biggest corporate merger of the era; greatest triumph came in steel-formed United States Steel Corporation after buying out 8 of Carnegie's competitors (this holding company produced nearly 2/3 of all American steel-country's first billion dollar corporation)

JP Morgan

25

business arrangements that set quotas on production, supply

pools

26

"rebates." Means that everyone else pays the listed price, but Rockefeller pays that price but with rebate.

kickbacks

27

led the way in steel; built the biggest steel mill in the world in the midst of a severe depression; move from railroad building to city building; succeeded, in part, by taking advantage of the boom and bust business cycle; mastered vertical and horizontal integration

Andrew Carnegie

28

term for "melting pot" description of US immigration

instant civilization

29

term for "nation of nations" description of US immigration

pluralistic integration

30

subtreasury plan

where farmers could create artificial scarcity; face low interest loans-expanding the money supply; free and unlimited coinage of silver; debt would remain constant with mild inflation; **idea was to expand and contract resources depending on demand