Unit 1- A Growing Nation

Front 1

industrialization

Back 1

the process where a society changes its economy from a predominantly farming economy to a predominantly manufacturing economy.

Front 2

Mass production

Back 2

the ability to make a large # of identical, or standardized goods.

Front 3

monopolies

Back 3

a business that has total control over the market for the good that it makes.

Front 4

trust

Back 4

taking companies which produce the same product and forming one company for all of them. That company becomes the trust.

Front 5

robber barons

Back 5

in social criticism and economic literature, robber baron became a derogatory term applied to wealthy and powerful 19th century American businessmen that appeared in North American periodical literature as early as the august 1870 issue of the Atlantic monthly magazine.

Front 6

Taft harley act

Back 6

a 1947 federal law that defined and proscribed various practices of labor unions.

Front 7

laissez faire

Back 7

the idea that the government should play a very minimal role in the economy.

Front 8

social darwinism

Back 8

based on Charles darwin theory of evolution - that only the "stones survive" -this idea held that only the "most superior" companies would be profitable and last.

Front 9

free silver

Back 9

philosophy that U.S currency should be backed by silver.
supporters- William Jennings bryant, democrats

Front 10

gold standard

Back 10

philosophy that the U.S currency should be backed by gold.
supporters - William McKinley, republicans

Front 11

vertical integration

Back 11

owning the companies that makes the input, or ingredients, needed to make a finished product.

Front 12

horizontal integration

Back 12

buying companies that make identical or heavy identical products.

Front 13

populism

Back 13

the political philosophy that supports the rights of the "common person" in their struggle with the privileged elite.

Front 14

William Jennings bryant

Back 14

He supported free silver movement. he said to stop backing with gold and start backing with silver.

Front 15

William mckinley

Back 15

supported to back it's gold with the gold standard. to Back the currency it would mean the gov. could print more money which would cause inflation.

Front 16

John D Rockefeller

Back 16

Co founder of standard oil comoany. which dominated the oil industry and was the first great u.s business trust.

Front 17

Andrew carnegie

Back 17

led enormous expansion of the American steel industry in the late 19th century. highest profile philanthropist of his Era.