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48 Cards in this Set
- Front
- Back
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capitalism
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private individuals and corporations control the means of production and use them to earn profits
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Gilded Age
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was a time of unrestricted corruption and movement toward political reform
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steel
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metal created by the Bessemer process by injecting air into molten iron
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robber baron
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drove out competition, low wages for workers, big profits
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monopoly
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a complete control over an industry, achieved by buying up or driving out business of all competitors
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trust
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holds stock for coorporations in often the same industry
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merger
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the joining of two companies
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sole proprietorship
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business owned by one person
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partenership
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an ownership between two people
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corporation
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a body of companies working together that sell stocks
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competition
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a rivalry
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assembly line
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a way to mass produce a product by assigning each worker a different task
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mass production
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the production of goods in large quantities
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division of labor
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the assignment of different tasks and responsibilites to different groups of people
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interchangeable parts
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standardized parts that can be used in place of one another (Eli Whitney)
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raw materials
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materials not yet processed
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natural resources
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resources supplied by nature
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Munn v. Illinois
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states regulated railroad rates
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Social Darwinism
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only the strong will survive in business; survival of the fittest
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vertical integration
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when you own everything from raw materials to your finished product
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horizontal consolidation
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controlling all of one industry (monopoly)
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collective bargaining
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negotiations between representatives and workers about wages, benefits, hours, and working conditions
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industry
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the businesses that provide a particular product or service
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American Federation of Labor
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labor union made up of skilled wokers (alliance of trade and craft)
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Eugene V. Debs
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made the first major attempt to for an industrial union - the American Railway Union (ARU) was for the railroad workers
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laissez-faire
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the belied that government should stay out of the economy
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Sherman Anti-Trust Act
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law that outlawed monopolies and trusts
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Bessemer Process
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a cheap and efficient process for making steel (injected air into iron)
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Spoils System
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the practice of winning candidates' rewarding their supporters with government jobs
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Civil Service
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the nonmilitary branches of government administration
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Andrew Carnegie
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was the owner of a company that created steel and was very successful; captain of the steel industry
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John D. Rockefeller
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establisher of the standard oil company
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Samuel Gompers
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leader of the American Federation of Labor
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Thomas Edison
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invented the light bulb
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Cornelius Vanderbuilt
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owned the railroad industry
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Mary Harris "Mother" Jones
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was against child labor
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Thomas Edison
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invention: light bulb
impact: new energy source, industries grew |
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Henry Ford
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invention: car / assembly line
impact: created a new way of transportation / a cheap way to mass product |
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Cyrus Field
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invention: set up telegraph cable across the Atlantic
impact: pulled Europe and America closer together |
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Alexander Bell
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invention: telephone
impact: faster and easier communication |
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George Pullman
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invention: sleeping car
impact: made transportation more comfortable on trains, increased travel |
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Henry Bessemer
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invention: Bessemer Process
impact: steel replaced iron, could produce strong steel at low price |
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Singer Manuf. Co.
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invention: sewing maching
impact: made sewing easier and faster, made things more uniform |
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Gustavus Swift
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invention: refrigerated train car
impact: kept meat cool while transporting it |
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Elijah McCoy
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invention: autimatic oiling cup
impact: oiling was done autimatically, was more efficient |
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Granville Woods
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invention: telegraph messages between trains
impact: made communications from trains safer |
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Christopher Sholes
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invention: typewriter
impact: neat, opened new jobs, produced documents faster |
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Wright Brothers
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invention: airplane
impact: made it easier to travel around the world |
