Economy Transformed
What term means changing from a farming-based economy to a factory-based economy?
Industrialization
What term describes complete control over a market?
Monopoly
What protected an inventor’s right to profit from a new creation?
Patent
What is the rapid growth of cities called?
Urbanization
What organization gives workers greater power by allowing them to act together?
Labor union
What energy source helped factories operate beyond daylight hours?
Electricity
A clothing company buys several competing clothing companies. What strategy is this?
Horizontal integration
New communication devices allowed companies to exchange information more quickly. What business problem did this solve?
Long-distance communication
What was the most common economic reason immigrants settled in industrial cities?
Jobs
Name one change industrial workers commonly demanded.
Better pay / shorter hours / safer conditions
A growing population benefited factories by providing workers and what other important group?
Consumers
A clothing company buys a cotton farm, factory, and delivery company. What strategy is this?
Vertical integration
What transportation system allowed manufacturers to sell goods throughout the country?
Railroads
An immigrant leaves home because of religious violence. Is the violence a push or pull factor?
Push factor
Why could violence during a labor protest damage the entire labor movement?
Reduced public support
A builder can now afford stronger bridges and taller buildings. What material most likely became cheaper?
Steel
What type of government action is intended to stop companies from eliminating competition?
Antitrust regulation
How did labor-saving inventions affect the production of consumer goods?
Increased production speed.
Why were crowded tenements common in rapidly growing cities?
Housing shortages / poverty
Courts, troops, or militias are used to end a strike. Which side benefits from this intervention?
Employers
Give one reason the United States became an industrial leader during the late 1800s.
Resources / workers / inventions / government support
Why could large corporations sell products more cheaply than smaller businesses?
Mass production / lower costs
A growing Florida town gains hotels, tourists, and new businesses after being connected to other cities. What caused this growth?
Railroad expansion
Which immigrant group faced a federal restriction specifically targeting the arrival of additional workers?
Chinese immigrants
A business leader argues that the wealthy succeeded because they were naturally the “fittest.” What belief is this?
Social Darwinism