Economic Concepts Flashcard

Front

Complete control of a product or business by one person or group is known as _______.

Back

Monopoly

Front

Practice where a single entity controls the entire process of a product, from the raw materials to distribution is called _______.

Back

Vertical Integration

Front

Type of monopoly where a company buys out all of its competition is known as _______. Example: Rockefeller.

Back

Horizontal Integration

Front

A shop or factory where workers work long hours at low wages under unhealthy conditions is called a _______.

Back

sweatshop

Front

In this location, a bomb was hurled toward police officials, and police opened fire on the demonstrators; numerous policemen and demonstrators were killed and wounded; response in nation's press was decidedly anti-union. This event is known as the _______.

Back

Haymarket Riot

Front

Founded in 1886 by Samuel Gompers, this organization sought better wages, hours, and working conditions for skilled laborers. It arose out of dissatisfaction with the Knights of Labor and rejected socialist and communist ideas, being non-violent. This organization is the _______.

Back

American Federation of Labor

Front

The process by which a union representing a group of workers negotiates with management for a contract is called _______.

Back

collective bargaining

Front

The fire in 1911 at the Triangle Shirtwaist Factory in New York City that killed nearly 150 workers is known as the _______.

Back

Triangle Fire

Front

Exclusive rights to make or sell inventions are known as _______.

Back

Patents

Front

The person who invented the telephone is _______.

Back

Alexander Graham Bell