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24 Cards in this Set
- Front
- Back
Patent |
License giving the inventor exclusive rights to their invention |
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Mass production |
making large amounts of a product |
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Transcontinental Railroad |
railway that went coast to coast. they started at each coast and met in Promontory UT May 10, 1869 |
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Edwin Drake |
first to successfully drill for oil |
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Titusville |
1st oil well |
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Thomas Edison |
Invented the light bulb |
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Bessemer process |
process that converts iron into steel |
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vertical consolidation |
buying all the businesses that contribute to the production of your product |
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horizontal consolidation |
combining all companies within an industry into one large organization |
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captain of industry |
a businessman who built his fortune honestly and ethically |
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robber baron |
a businessman who did illegal things to succeed |
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monopoly |
industry dominated by one company |
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laissez faire |
government won't interfere |
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Andrew Carnegie |
from Scotland. Pittsburgh Steel |
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John D Rockefeller |
from New York. Oil |
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Social Darwinism |
the strongest businesses succeed, the weakest fail |
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division of labor |
people complete only one step in a production process |
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sweatshop |
long hours, low pay, bad working conditions |
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captialism |
individuals own and control raw materials, factories, machines, labor and capital. keep profits |
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labor union |
organization of workers formed to protect their interests |
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strike |
workers refuse to work |
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Mother Jones |
fought for child labor reform |
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reasons why children worked in factories |
family needed the money |
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tactics used by employers to stop labor unions |
Firings, blacklist, scabs |