America Transforms Rise of Industries & Cities Vocabulary
Industrialization the large-scale introduction of manufacturing, advanced technical enterprises, and other productive economic activity into an area, society, country, etc.
Modernization To make modern in appearance, style, or character; update.
Urbanization the growth of cities resulting from industrialization
Immigration the act of foreigners coming into a country for the purpose of permanent residence.
Corporation a business owned by investors who buy part of a company through shares of stock
Stocks The money that a corporation raises through the sale of shares
Trust a legal body created to hold stock in many companies, often in the same industries Railroad Company Buys 55% of a lumber yard Buys 55% of a Steel plant
Monopoly a company that eliminates its competitors and controls an industry Buys ATT Buys Sprint Buys Verizon New York Phone Company
Free Enterprise The freedom of private businesses to operate competitively for profit with minimal government regulation, individual businesses are owned by private citizens
Entrepreneur A person who organizes, operates, and assumes the risk for a business venture.
Business Cycle the pattern of good times and bad times in the economy
Sherman Anti-Trust Act (1890) a law that made it illegal for corporations to gain control of industries by forming trusts
Sweatshop a place where workers labor long hours under poor conditions for low wages
Labor Union a group of workers who band together to seek better working conditions
Knights of Labor an organization of workers from all different trades formed after the Civil War, wanted shorter work day, end child labor and better pay
Collective Bargaining the right of the unions to negotiate with management for workers as a group
Cultural Diversity the variety of cultures and ways of living in a specific region
Cultural Diffusion transfer of beliefs, values, and social activities from one society to another.
Assimilation The process whereby a minority group gradually adopts the customs and attitudes of the prevailing (majority) culture
Tenement an apartment building that is usually run down and overcrowded