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21 Cards in this Set
- Front
- Back
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The 2nd industrial revolution |
Rapid growth in manufacturing in the late 1800s |
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Henry Bessemer / Bessemer Process |
Found a quick and cheap way to turn iron into steel |
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George Westinghouse |
Invented brakes to make trains safer |
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George Pullman |
Created elegant sleeping cars to make rides more comfortable |
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Cornelius Vanderbilt |
Bought up small railroad companies and turned it into one big one. |
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Edwin L. Drake |
Invented a pump that could pull crude oil from the ground |
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Nikolaus Otto |
Invented a gas powered engine |
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Orville and Wilbur wright |
Did the first successful flight in the world |
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Thomas Edison |
Invented the first practical light bulb |
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Patent |
An exclusive right to make/sell an invention |
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Alexander Graham Bell |
Invented the telephone |
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Free enterprise |
Gov't usually didn't interfer with business, when they did they helped the rich. |
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Entrepreneurs |
People who start new businesses |
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Corporations |
Formed by selling shares of ownership called stock, Stockholders elect a board of directors to run to day to day corporation. The board of directors hire managers to do the day to day work. |
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Andrew Carnegie |
2nd wealthiest american , made his money in steel production |
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Vertical Intergration |
Owning the business involved in each step of the manufacturing process. |
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John D. Rockefeller |
Becomes richest man in america from producing oil. owned the "standard oil company" |
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Horizontal integration |
Owning all the businesses in a certain field. |
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Trust |
grouping together of a number of companies under one board of directors , the goal of a trust is to end competition and control production & raise prices. |
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Charles Darwin |
A scientist , came up with the theory of evolution. |
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Sherman Antitrust Act |
Outlawed monopolies and trusts if they hurt trade , law was too weak to stop them from growing. |
