Economics
This field of study focuses on the production, distribution, and consumption of goods and services.
Economics
This inventor developed the telephone, revolutionizing American communication.
Alexander Graham Bell
Corporations had ___________________________, which were people bought shares of a company.
Stockholders/Investors
This population shift of people moving from rural areas to cities occurred as a direct result of rapid industrialization.
Urbanization
The primary role of labor unions is to represent workers and demand higher wages and shorter hours for these individuals.
Workers!
The economic system of the United States, where prices and wages are determined by the marketplace rather than government planning.
Capitalism
John D. Rockefeller made his fortune and built a massive monopoly in this specific industry.
The Oil Industry
Negative Label used to describe late 19th-century business leaders who used ruthless tactics to crush competition.
Robber Barrons
This is the word for a person who takes a risk to start and run their own business.
Entrepreneur
The likely first step taken by labor union representatives and management when negotiating a work contract.
Collective Bargain
This term describes a "hands off" economic approach with little or no government involvement in business affairs.
Laissez-faire
This new manufacturing process allowed steel to be produced much cheaper and stronger.
The Bessemer Process
By controlling entire markets and eliminating competition, trusts and monopolies did WHAT to prices of goods?
Raised the prices of goods.
Between 1865 and 1900, American industry grew rapidly due to an abundant supply of natural resources, new inventions, and cheap labor provided by this group.
Immigrants
Headlines about the Haymarket Riot and the Homestead Strike, demonstrated that the government usually took who's side during late 1800s labor unrest?
Big Business
This legal right gives an inventor the exclusive privilege to make, use, or sell their invention or product.
A Patent
Henry Ford revolutionized car production by using this system in his factories.
The Assembly line
Critics and industrial leaders who favored laissez-faire capitalism and minimal government regulation often applied this theory of "survival of the fittest" to society.
Social Darwinism
During the Industrial Revolution, big businesses tried to increase their profits by using monopolies to get rid of __________________. (which usually keeps prices low for consumers.)
Competition
Members of this union did not allow immigrants to join.
The American Federation of Labor (AFL)
This is the word for a person who buys and uses goods or services.
A consumer
The Rockefeller Foundation and Vanderbilt University demonstrate how wealthy entrepreneurs supported society through this type of charitable giving.
An act passed in 1890 to regulate business practices that tried to eliminate competition, this law was initially weak because of vague wording and poor enforcement.
The Sherman Anti-Trust Act
1870-1900 US had massive supply of __________________ that allowed for rapid industrialization
The Pinkertons