social studies vocabulary: industrailization and labor

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  1. capitalism
    • system where production and factories are owned by the people, instead of the government
    • Democracy: capitalism, free market and competition
    • Totalitarian: socialism/communism, govt. controls everything
  2. factors of production
    • with buisness growing the need for land, labor, and capital increased
    • capital is an asset that provides and income (money)
  3. monopoly
    a company that dominates in an industry
  4. trust
    companies managed by groups that prevent the competition of other groups
  5. laissez faire (hands off)
    the market would be sufficient if the government didn't bother it
  6. social darwinism
    best buisnesses owned by the most capable would survive the others "survival of the fittest"
  7. Sherman Antitrust Act
    prohibited trusts, monopolies and other buisnesses that prevented trade
  8. labor union
    workers that help fight for their rights
  9. socialism
    throrey that people own productions like factores instead of capitalists and landowners, government + sharing for all
  10. collective bargaining
    compromises between employers and representatives for the employees
  11. anarachist
    people who oppose all types of government
  12. entrepreneur
    bold risk takers who established new buisnesses
  13. philanthropist
    a person who gives money to support worthy causes
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social studies vocabulary: industrailization and labor

industrailization and labor, after the civil war
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