vocab
By the late 1800s, the United States’ __________ was rapidly growing, measuring the total value of goods and services produced.
Gross National Product (GNP)
When workers and employers disagreed, they could turn to __________, where a neutral third party helped settle the conflict.
arbitration
__________ were created to own stock in multiple companies, often used to gain control without producing goods themselves.
holding companies
Man credited for modern electricity such as the light bulb!
Thomas Edison
What are 2 ways the law allowed businesses and corporations to monopolize and control sectors of industry by bypassing laws that limited their control?
Trusts and Holding companies
A __________ required that workers join a union before being hired, giving organized labor more influence.
closed shop
The federal government provided __________ to railroad companies to encourage westward expansion and construction.
land grants
A __________ combines several companies under a single managing board to reduce competition.
trust
George wettinghouse created ________, which is still used today to distribute electricity long distances?
AC/Alternating Current
What is vertical integration?
Own all the different businesses on which an industry depends on to operate(for example, ownung the coal mine, limestone quarries, and iron mines in order to produce steel)
Risk-takers known as __________ invested money and ideas to launch new businesses in the industrial age.
entrepreneurs
Large business organizations called __________ could raise capital by selling shares of stock to investors.
corporations
In the late 1800s, falling prices for goods led to __________, which often hurt farmers and workers.
deflation
who made telegraphs across the Atlantic Ocean possible by laying A cord across the Atlantic?
Cyrus Field
what is horizontal integration?
when a company monopolizes a sector of industry by buying out smaller competitors and financially struggling businesses.
Courts often issued __________—formal orders—to stop strikes or union activity.
injunctions
Companies that produce goods more cheaply as they grow larger benefit from __________.
economies of scale
Workers in the same industry, regardless of skill, could join together in __________ to increase bargaining power.
industrial unions
What economic ideology relied on supply and demand instead of government regulation?
Laissez-Faire
The 1st billionaire in America?
J.P. Morgan
The principle of __________ argued that government should interfere as little as possible in the economy
laissez-faire
Some powerful firms became __________, gaining complete control over a product or service to eliminate competition.
monopolies
Employers sometimes used __________ to keep workers out of factories during labor disputes.
lockouts
RailRoads required more money than the private sector had so they relied on what to raise money?
selling land grants
What was the AFL'S(American Federation Of Labor) 3 main goals?
1. have corporations acknowledge unions and agree to collective bargaining.
2. pushed for closed shops
3. push for 8hr workdays