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48 Cards in this Set

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