Chapter # 5 – Flashcards
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Monopoly- The exclusive possession or control of the supply or trade in a commodity or service.
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Union- The action or fact of joining or being joined.
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Thomas Edison
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An American inventor who created both the light bulb and the motion picture camera
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Interstate Commerce Act of 1887
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A federal law that prohibits the unjust practices of railroads which was charging higher rates for shorter routes
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Child Labor
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Business make underage children work; Kids are being forced to work to provide for their families
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Monopoly
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Owning and controlling the supply in a commodity; Claims all of the businesses
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Labor Union
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Workers formed into these groups to perform strikes to go against their horrible working conditions
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Alexander Graham Bell
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He created the first practical telephone
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Bessemer Process
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A new invention that allowed the mass production of steel; The process involves removing impurities from stell
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Sherman Anti-Trust Acts
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These are laws that does not allow bribery or conspiracy of business interest
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Philanthropy
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The act of donating money for the purpose of promoting the welfare of others.ex. John D. Rockefeller, Andrew Carnegie
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John D. Rockefeller
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A great philanthropist who used his fortune in the oil industry and became an individual monopoly
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Trans-continental Railroad
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A railroad that connected the US from east to west to transport goods
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Andrew Carnegie's Gospel of Wealth
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An article that describes the responsibility of philanthropy by the new upper class of the self-made rich
