Chapter 4 American History

question

Edwin Drake oil well
answer

created in Titusville, Pennsylvania in 1859, first one created
question

capitalism
answer

individuals own most businesses
question

entrepreneurs
answer

people who invest money in a product or enterprise in order to make a profit
question

protective tariff
answer

taxes that would make imported goods cost more than those made locally
question

laissez faire
answer

allows businesses to operate under minimal government regulation
question

patent
answer

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
question

Thomas Edison
answer

created the light bulb at his research laboratory in Menlo Park, New Jersey with his team, created in 1880
question

Morse’s telegraph
answer

perfected the process of sending messages over wire in 1844
question

Bessemer process
answer

a process for purifying iron, resulting in strong but lightweight steel
question

suspension bridge
answer

a bridge in which the roadway is suspended by steel cables
question

Brooklyn Bridge
answer

first suspension bridge completed in 1883
question

time zone
answer

any of the 24 longitudinal areas of the world within which the same time is used
question

mass production
answer

systems depended upon machinery to carry out tasks that were once done with hand tools
question

How did industrialization [heavy industry] and new technology affect the economy and society?
answer

It allowed the economy to grow due to all of the new advancements in technology. Society was able to transport goods easier and faster.
question

Would you characterize all of the government’s policies in the late 1800s toward business as laissez faire? Explain your answer.
answer

I would because the people were granted ownership to their products and goods.
question

How did the system of patents encourage innovation and investment?
answer

People had the guarantee that their own inventions were protected and because new discoveries were made, new products were available.
question

Explain why you agree or disagree with this statement: “The late 1800s was a time of great progress for all Americans.”
answer

question

Pre industrial revolution
answer

worked in small wooden shops all labor was handmade
question

Post industrial revolution
answer

machinery was used to create products power and bigger spaces spaces were also used
question

Factors of Production
answer

capital, labor, land, factory, labor, power, machinery, and transportation
question

Major inventions (3):
answer

Elisha Otis, safety elevator Alexander Graham Bell, telephone Thomas Edison, photograph and lightbulb
question

corporation
answer

company recognized as a legal unit that has rights and liabilities separate from each of its members
question

monopoly
answer

complete control of a product or service
question

cartel
answer

association of producers of a good service that prices and controls stocks in order to monopolize
question

John D. Rockefeller
answer

an oil tycoon
question

horizontal integration
answer

system of consolidating many firms in the same business, Rockefeller
question

trust
answer

group of separate companies that are placed under the control of a single managing board in order to form a monopoly
question

Andrew Carnegie
answer

steel tycoon
question

vertical integration
answer

system of consolidating firms involved in all steps of a products manufacture, Carnegie
question

Social Darwinism
answer

the belief that certain nations and races were superior to others and therefore destained to rule over them
question

ICC
answer

first federal agency monitoring business operations, created in 1887 to oversee railroad procedures
question

SAA
answer

1890 law banning any trust that restrained interstate trade or commerce

Get instant access to
all materials

Become a Member