Vocabulary
It is an economic system where individuals own businesses (production of products) and pays for labor (workers) to make money.
Capitalism
The owner of Menlo Park innovation complex, He is given credit, during this age, for inventing the light bulb filament
Thomas Edison
Helped facilitate (start) a war between Columbia and Panama so we could gain possession of the Panama Canal
Theodore Roosevelt
Unethical practices allowed some business owners to control most or almost all of a given market (example oil industry) What is that called
Monopoly
Because of the growth of business across the country, population distribution changed from what to what
Rural to urban
Early 20th century term for an unscrupulous (cheat, low ethical standards) business person
Robber Baron
One of the wealthiest and influential men in American History. He controlled the early oil industry
John D. Rockefeller
Famous for allegedly getting stuck in the White House bathtub. He was also responsible for America's dollar diplomacy in Latin America
William Howard Taft
World War allowed the mass migration of African Americans out of the south to northern cities. This was called what?
The great migration
A tactic used by organized labor to force a business to bargain for better wages and working conditions
strike
an economic philosophy that advocates for minimal government interference in the economy.
Laissez Faire
Owner of the largest steel industry during the industrial age, he wrote that to die wealthy was to die disgraced
Andrew Carnegie
President during WWI. He tried to keep America isolated and out of war, but he was forced into it
Woodrow Wilson
American Battle cries to go to war were both used to get into the Spanish American War and World War I. Name one of the ships
The Maine - Spanish American war
Lusitania - World War I
This railroad magnate was different than many of his fellow billionaires. He kept most of his money and did little philanthropic work.
Cornelius Vanderbilt
The use of Charles Darwin's evolution idea applied to human beings
Social Darwinism
or
Survival of the fittest
The father of capitalism. Spoke of the invisible hand theory that guides supply and demand
Adam Smith
Vice President Teddy Roosevelt became president went this president was assassinated
William McKinley
Presidents T. Roosevelt and Taft worked very hard to break up monopolies. They used the Sherman Anti Trust act to do it. When they attacked businesses with this law what was it called
Trust Busting
A clever (yet illegal in 2024) business tactic where a business controls - natural resources, production and distribution of products within a given industry
Vertical Integration
People of wealth create programs or give away money to help society or the less fortunate of society
Philanthropy
Once working for Thomas Edison this inventor became his primary competitor. You can thank him for the electricity in your house.
Niccolo Tesla
This president ordered America to go to war against Spain, take possession of those islands and take over Hawaii
William McKinley
When businesses became too powerful and did not pay employees well or take care of their safety laborers got together and sometimes went on strikes. What are these groups of laborers who work together for change called.
Labor unions
The vocabulary term for a business person who thinks of the community, building an industry based on competition and a competitive market. Does not merely care about profit.
Captain of Industry