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23 Cards in this Set
- Front
- Back
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Bessemer Process
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a method of faster, cheaper steel production developed in 1850's
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George Westinghouse
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improved air brakes
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George Pullman
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developed elegant sleeping cars in trains
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Cornelius Vanderbilt
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began buying small companies to produce one big company
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Charles and Frank Duryea
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used a gasoline engiene to build the first automobile
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Orville and Wilbur Wright
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built first plane
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Patents
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exclusive rights to maufacture or sell inventions
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Thomas A Edison
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electricity
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Alexander Grahm Bell
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telephone
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Second Industrial Revolution
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a period of explosive growth in manufacturing and industry in the late 1800's
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Free Enterprise
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economic system in which there is a competition between buisinesses with little government control
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Laissez-faire capitalism
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government does not reulate buisinesses
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Entrepreneur
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people who start new buisinesses
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Corporations
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companies that sell shares of ownership called stocks to investors in order to raise money
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Vertical integration
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ownership of buisinesses involved in each step of a manufacturing process
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horizontal integration
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ownership of all buisinesses in a particular field
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Monopoly
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sole economic control of a buisiness or product
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Trust
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legal arrangement grouping several companies under one board of directors to eliminate competition and to regulate production
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Sherman Antitrust Act 1890
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law that made it illegal to create trusts that restrained trade
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Gospel of Wealth
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blah blah blah
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Social Darwinism
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blah blah blah
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John D. Reckefeller
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blah blah blah
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Andrew Carnegie
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Blah blah blah
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