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23 Cards in this Set
- Front
- Back
Bessemer process |
a method of making high-quality steel at a reasonable price |
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capital |
wealth used for investment to make more wealth |
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corporation |
a business owned by many people called stockholders |
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hybrid economy |
an economic system that is a combination of both command and market economies; also called a mixed economy |
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Sherman Antitrust Act |
an act of Congress (1890) that made monopolies illegal, forbade businesses from limiting competition, and prohibited any contract, conspiracy, or combination of business interests from inhibiting foreign or interstate trade |
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market economy |
a system in which people earn wages and buy the goods and services they choose |
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tariff |
a tax on imports or exports |
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traditional economy |
an economic system in which people do the same work their parents did |
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trust |
a form of monopoly in which many different companies in one industry are owned and run by the same people |
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megalopolises |
enormous cities or very thickly populated areas that encompass several cities |
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currency |
paper bills and coins in circulation within an economy |
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deflation |
falling prices due to a decrease in the supply of money |
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inflation |
rising prices due to an increase in the supply of money |
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depression |
a time of decline in business activity, accompanied by high unemployment and falling prices |
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nativist |
a person who favors native-born citizens and is opposed to immigrants |
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Andrew Carnegie |
He learned how to put capital (money) to work to make more capital; he used the best machinery and paid workers very low wages. |
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Homestead Strike |
The workers at Homestead Steel Mill in Pennsylvania went on strike when their already low wages were cut. The management refused to talk to the strikers and instead sent guards to control them. In the resulting conflict, 20 strikers and 4 guards were killed. |
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John D. Rockefeller |
earned his wealth in the oil industry, used kickbacks to lower transportation costs; he cut oil prices to put his competitors out of business |
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J.P. Morgan |
He earned his wealth in banking and finance; from Carnegie he also purchased U.S. Steel, the first billion-dollar industry |
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monopoly |
exists when a specific person or enterprise is the only supplier of a particular commodity |
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Populist Party |
They believed that ordinary people must take control of the government. |
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special interest group |
A group or organization that tries to influence the government in favor of one particular interest or issue. |
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Statue of Liberty |
represents the spirit of freedom and America's policy of welcome to people from around the world |