Chapter 4 Section 1 – Flashcards
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Edwin Drake oil well
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world's first oil well built in Titusville, Pennsylvania
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capitalism
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free enterprise, minimal restrictions
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protective tariff
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tax on imported goods making the price high enough to protect American goods from foreign competition
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laissez faire
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businesses work under minimal government regulation
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patent
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grant by federal government giving an inventor right to sell, use, and develop an invention for a set period of time
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Thomas Edison
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received more than 1,000 patents for new inventions
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electric light bulb
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patented by Thomas Edison in 1880
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the electric light bulb led to Thomas Edison
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installing street-lighting systems in NYC
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electric motor
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generates electricity to create power
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Morse's telegraph
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sends messages over wire, created in 1844
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Bell's telephone
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patented by Graham Bell in 1876
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time zone
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one of the 24 longitudinal areas of the world which the same time is used
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mass production
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turning out large numbers of products quickly and inexpensively
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Brooklyn Bridge
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1st suspension bridge completed in 1883
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suspension bridge
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bridge that has a roadway suspended by steel cables
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bessemer process
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makes steel more efficiently
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railroads encouraged innovation, led to ? of industry and mass production
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growth
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city economically grows by ?
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more money
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city physically grows by ?
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higher population
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when railroads expanded, it led to the ? and ? growth of cities
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physical, economic
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6 factors of production
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labor, factory, land, power, capital, and transporation
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natural resources provided fuel for
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growth
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railroads ? across the nation
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expanded
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government encouraged ?
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immigration
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civil war influenced ?
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industrialization
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How did industrialization(heavy industry) and new technology affect the economy and society?
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led to growth of mass production and industry, more jobs, more goods and factories therefore more profit
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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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yes because gov. encouraged it so businesses and industries were encouraged in investment and growth
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how did the patents encourage innovation and investment?
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people liked the fact that nobody could steal their idea
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explain why you disagree or agree with this statement: "The late 1800s was a time of great progress for all Americans."
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disagree because industrialization had impact on environment and Americans moved to city to find work
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American entrepreneurs invested money in products in order to make ?
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profit
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synonym for money
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capital
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entrepreneurs fueled ? and helped spur ? in the late 1800s
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industrialization, innovation
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did entrepreneurs benefit from laissez fair policies?
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yes
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congress enacted protective tariffs to encourage what?
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buying of American goods
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after civil war ended, america became
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industrialized
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business made nation an
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economic powerhouse
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workers organized to
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protect their rights
