Vocab
the total value of all goods and services a country produces during a year
GNP
a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit.
Investor
people who loot an industry and become rich unethically
Robber Barons
What are some of the natural resources?
timber, coal, iron, copper.
Who invented the lightbulb?
Thomas Edison
a French phrase meaning “let people do as they choose.”
Laissez-faire
to combine two previously separate things
Integrate
About how many miles of track were there in the 1900s?
200,000 miles
Who drilled the first Oil Well?
Edwin Drake
Who invented the phonograph?
Thomas Edison
a grant of public land, especially to an institution, organization, or to particular groups of people.
Land grant
an organization that is authorized by law to carry on an activity but treated as though it were a single person
Corporation
What act allowed Union Pacific and Central Pacific to build a transcontinental railroad
Pacific Railway Act
What two reasons caused the population to grow?
Immigrants and large families
Who invented the first phone?
Alexander Graham Bell
When a single company achieves control of an entire market
Monopoly
a combination of firms or corporations formed by a legal agreement, especially to reduce competition
Trust
Chinese workers were paid ____ dollars a day.
$1
What was the phone company called?
AT&T
owns the stock of companies that do produce goods.
Holding company
a company tool to fight union demands by refusing to allow employees to enter its facilities to work
Lockout
Who built the Great Northern?
James Hill
Laissez-faire relies on _____ and ______.
Supply and demand