Chapter 4 American History – Flashcards
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Edwin Drake oil well
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created in Titusville, Pennsylvania in 1859, first one created
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capitalism
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individuals own most businesses
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entrepreneurs
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people who invest money in a product or enterprise in order to make a profit
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protective tariff
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taxes that would make imported goods cost more than those made locally
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laissez faire
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allows businesses to operate under minimal government regulation
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patent
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a grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time
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Thomas Edison
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created the light bulb at his research laboratory in Menlo Park, New Jersey with his team, created in 1880
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Morse's telegraph
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perfected the process of sending messages over wire in 1844
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Bessemer process
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a process for purifying iron, resulting in strong but lightweight steel
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suspension bridge
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a bridge in which the roadway is suspended by steel cables
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Brooklyn Bridge
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first suspension bridge completed in 1883
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time zone
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any of the 24 longitudinal areas of the world within which the same time is used
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mass production
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systems depended upon machinery to carry out tasks that were once done with hand tools
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How did industrialization [heavy industry] and new technology affect the economy and society?
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It allowed the economy to grow due to all of the new advancements in technology. Society was able to transport goods easier and faster.
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Would you characterize all of the government's policies in the late 1800s toward business as laissez faire? Explain your answer.
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I would because the people were granted ownership to their products and goods.
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How did the system of patents encourage innovation and investment?
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People had the guarantee that their own inventions were protected and because new discoveries were made, new products were available.
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Explain why you agree or disagree with this statement: "The late 1800s was a time of great progress for all Americans."
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...
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Pre industrial revolution
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worked in small wooden shops all labor was handmade
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Post industrial revolution
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machinery was used to create products power and bigger spaces spaces were also used
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Factors of Production
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capital, labor, land, factory, labor, power, machinery, and transportation
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Major inventions (3):
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Elisha Otis, safety elevator Alexander Graham Bell, telephone Thomas Edison, photograph and lightbulb
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corporation
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company recognized as a legal unit that has rights and liabilities separate from each of its members
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monopoly
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complete control of a product or service
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cartel
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association of producers of a good service that prices and controls stocks in order to monopolize
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John D. Rockefeller
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an oil tycoon
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horizontal integration
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system of consolidating many firms in the same business, Rockefeller
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trust
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group of separate companies that are placed under the control of a single managing board in order to form a monopoly
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Andrew Carnegie
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steel tycoon
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vertical integration
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system of consolidating firms involved in all steps of a products manufacture, Carnegie
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Social Darwinism
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the belief that certain nations and races were superior to others and therefore destained to rule over them
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ICC
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first federal agency monitoring business operations, created in 1887 to oversee railroad procedures
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SAA
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1890 law banning any trust that restrained interstate trade or commerce
