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23 Cards in this Set

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Bessemer process

a method of making high-quality steel at a reasonable price

capital

wealth used for investment to make more wealth

corporation

a business owned by many people called stockholders

hybrid economy

an economic system that is a combination of both command and market economies; also called a mixed economy

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

market economy

a system in which people earn wages and buy the goods and services they choose

tariff

a tax on imports or exports

traditional economy

an economic system in which people do the same work their parents did

trust

a form of monopoly in which many different companies in one industry are owned and run by the same people

megalopolises

enormous cities or very thickly populated areas that encompass several cities

currency

paper bills and coins in circulation within an economy

deflation

falling prices due to a decrease in the supply of money

inflation

rising prices due to an increase in the supply of money

depression

a time of decline in business activity, accompanied by high unemployment and falling prices

nativist

a person who favors native-born citizens and is opposed to immigrants

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.

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.

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

J.P. Morgan

He earned his wealth in banking and finance; from Carnegie he also purchased U.S.


Steel, the first billion-dollar industry

monopoly

exists when a specific person or enterprise is the only supplier of a particular commodity

Populist Party

They believed that ordinary people must take control of the government.

special interest group

A group or organization that tries to influence the government in favor of one particular interest or issue.

Statue of Liberty

represents the spirit of freedom and America's policy of welcome to people from around the world