Ss – Flashcards
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Jp morgan industry
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Banking
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Andrew carnegie industry
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Steel
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John D. Rockefeller industry
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Oil
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Cornelius Vanderbilt industry
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Railroads
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Sherman antitrust act of 1893 became a law in response to
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Demands of farmers to end rate fixing by railroads
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Major result of the industrial revolution in the us
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A movement of people to cities
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Inventions that are part of the industrial revolution
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Spinning Jenny, cotton gin, power loom
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Businesses formed trusts and monopolies during the late 19th century to
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Eliminate competition
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What development during the 19th century caused Samuel Gompers to speak out for American labor
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Industrialization
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What is John d Rockefeller called
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A robber baron
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process of collective bargaining
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Discussions between labor union leaders and management to agree on a contract for workers
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What factor was a major cause of the farm problem
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Overproduction of these farm crops
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When was there a dramatic increase in the number of businesses
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The period after the civil war
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Sub title for this unit
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Causes of u.s industrialzation
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The economic system of the U.S. In the late 1800s can best be described as
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Capitalism
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The term robber barons is used to describe many industrialists of the late 19th century mainly because they
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Sought to maximize their profits by eliminating competition and exploiting workers
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A major complaint of western farmers in the late 19th century concerned the
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Power of banks and railroads over the farm economy
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What was a result of the laissez faire economic policies followed by the federal gov between the civil war and 1900
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Entrepreneurs created trusts and monopolies to maintain control of the market
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During the period 1865-1900, gov contributed to the growth of corporations mainly by
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Allowing hem to develop with few restrictions
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Businesses formed trusts and monopolies during the 19th century mainly to
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Eliminate competition
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Laissez faire
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"Hands off" economic theory that opposed gov intervention in business of airs
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Network
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An interconnected system of people, or things, businesses togeyher
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Pool
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A group sharing in some activity
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Vertical growth
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Lower cost per unit keep price constant with a higher profit
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Horizontal growth
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Combining competing companies into one corporation
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Rebate
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To literature and the arts that shows things as they really are
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Corporation
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Company that sells shares, or stock, of its business to the public
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Stock
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Part ownership customers bought from corporations
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Dividend
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A stockholder
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Trust
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A combination of firms or corporations formed by a legal agreement
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Monopoly
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Big corporations that were too powerful to be controlled
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Assembly line
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System with machines and workers arranged so that each person performs on this dined task again and again as items pass
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Capitalism
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The economic system of the us, means individuals put their capital, or money, into a business hoping that the business will be successful and make a profit
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Free enterprise
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Term used to describe the American economy, in a free enterprise economy people are free to buy sell produce whatever they want, they can also work wherever they wish
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Definition of American industrialization
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A time period in our history when products went from being handmade (labor intensive) to making products by machines in factories (mass production)
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Corporation
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A company that sells shares, or stock, of its business to the public
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Stock
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Part ownership costumes by from corporations
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Mass production
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the production of large quantities, often an assembally line
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Assembly line
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A system with machines and workers arranged so that each person performs an assigned task again and again as items pass
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Limited liability
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If someone has limited liability it means that he or she is not personally responsible for business debts and obligations of the corporation. If the the corporation is sued the stockholders r not the ones at risk of their personal belongings
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Vertical growth (integration)
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Lower cost to produce a product, keep the price constant= profits go up
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Horizontal growth (integration)
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Reduce completion, merge similar businesses, create a monopoly (which is illegal), raise prices, force out competition
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Bessemer process
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A way to mass produce steel, need coal and iron
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Department of agriculture
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A presidential cabinet seat (federal agency) spread tech in farming
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What were the goals of the department of agriculture
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Develop healthier seeds, develop heartier livestock (animals), research and development (seedless fruit), spread tech in farming
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Who has the ultimate say in a corporation
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Stockholders
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Morill act
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Passed by congress to provide money to states to build and grant colleges
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County agents
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Work for department of agriculture spread technology in farming
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George Westinghouse industry
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Safety Railroads
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George Pullman industry
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Railroads
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Who invented the telephone
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Alexander g bell
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Alexander g bell industry
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Production of sound
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Henry ford industry
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Automobiles
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Tomas Edison industry
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Inventor
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Who invented the light bulb
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Tomas edison
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Who was the owner of standard oil
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John d rocketfeller
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Iron goes with
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Andrew carnegie
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Who invented the first inexpensive car
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Henry ford
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Knights of labor
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One of the first real unions in America, formed which later becomes the American federation of labor
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Who was the leader of the Knights of labor
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Sam Gompers
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Laissez faire
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Gov policy where there is little gov involvement in the affairs of business (I.e taxes regulation) * favored by business owners not consumers
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Widjet
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Imaginary product for business
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Dynamo
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Turns the power of motion into electricity
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Population got bigger so
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Needed to put new technology into farming
