Industrialization
What is the growth of factories and machine-based production called?
Industrialization
What is profit?
The money a business earns after paying its costs.
What is it called when one company controls most or all of a market?
Monopoly
A steel company purchases iron mines, coal mines, and railroads. What strategy is this?
Vertical integration
What economic idea supports limited government involvement in business?
Laissez-faire
What form of transportation connected markets and helped businesses move goods across the country?
Railroads
What is the right to own land, buildings, and businesses called?
Private property
Government rules put on a business
A company buys several competing businesses in the same industry. What strategy is this?
Horizontal integration
What is another word for "business"?
Commerce
What system was standardized to help railroads organize train schedules?
Time zones
When business get more profit, they will hire more ________ to help.
Labor
Which president challenged powerful trusts such as Northern Securities?
Theodore Roosevelt
What belief applied the idea of survival of the fittest to human society and business?
Social Darwinism
This term is used to describe industrialists who did whatever they had to do to make a profit, in a negative way.
Robber Barons
Name two ways industrialization helped the American economy grow.
It increased production, created jobs, expanded transportation, or allowed businesses to reach more customers.
What economic system is the opposite of Capitalism?
Socialism
What 1887 law addressed unfair railroad business practices?
Interstate Commerce Act
What did business leaders sometimes give government officials to influence their decisions and prevent laws that would regulate their businesses?
Bribe
This term is used to describe industrialists who did whatever they had to do to make a profit, in a positive way.
Captains of Industry
How did industrialization help big businesses become more powerful?
Factories produced goods faster and more cheaply, while railroads helped companies sell products across the country.
How can competition and innovation work together to help a business become successful?
Businesses create new or better products to attract customers, increase sales, and earn more profit.
What 1890 law targeted unlawful monopolization and restrictions on competition?
Sherman Antitrust Act
What is the term for two or more companies that come together to dominate an industry?
Trust
What is another term for "The Golden Age of Industrialists"?
The Gilded Age