Chapter 14 History

the total value of all goods and services produced by a country

"let be" where government should not interfere in economy other than to protect private property rights and maintain peace. Rely on supply and demand

people who risk their capital in organizing and running a business

invented the idea of a telephone

inventor of photograph and perfected lightbulb and electric generator. Transformed society with the supply of electricity`

an organization owned by many people but treated by law as though it were a single person

The pope who own the corporation

Shares of ownership

corporations that made goods more cheaply because they produce so much so quickly using large manufacturing facilities.

costs a company has to pay whether or not operating

costs that occur when running a company, like paying wages and shipping charges and buying raw materials and other supplies

agreements to maintain prices at a certain level

owns the different businesses on which it depends for its operation. saved companies money while enabling big companies to become even bigger

combining many firms engaged in the same type of business into one large corporation.

when a single company achieves control of an entire market

a new way of merging businesses that did not violate the laws against owning other companies

organization of workers with specific skills

united all craft workers and common laborers in a particular industry

belief in the abolition of all government and the organization of society on a voluntary, cooperative basis without recourse to force or compulsion

idea that capitalist societies was the class storage between workers and owners. Believed that workers would eventually revolt, seize control of factories, and overthrow the government.

• Nationwide Industrial Union
• called for an eight hour workday
• supported equal pay for women
• abolition of child labor
• creation of worker-owned factories

• 20 of the nation's trade unions
• convince companies to recognize unions and agree to collective bargaining
• push for closed shops
• promoted eight hour workdays

• believed unions should stay out of politics
• rejected socialist and communist ideas
• believed in higher wages and better working conditions