Key Innovators
This inventor is known for developing the electric light bulb and creating the first power station.
Who is Thomas Edison?
This innovation is a production process that involves creating identical products in large quantities.
What is mass production?
This term refers to an economic system where private individuals own and operate the means of production.
What is capitalism?
This type of business practice occurs when one company controls an entire industry, eliminating competition.
What is a monopoly?
This businessman was known for founding Standard Oil and becoming one of the first billionaires in U.S. history.
Who is John D. Rockefeller?
He is famous for inventing the telegraph and Morse code.
Who is Samuel Morse?
This process, named after its British inventor, revolutionized steel production by making it more efficient.
What is the Bessemer process?
This type of business organization is owned by shareholders who invest in the company and share its profits.
What is a corporation?
This law, passed in 1890, aimed to prevent monopolies and promote competition in the marketplace.
What is the Sherman Antitrust Act?
Known for using the assembly line in automobile production, this man revolutionized the car industry.
Who is Henry Ford?
He invented the telephone in 1876, revolutionizing communication.
Who is Alexander Graham Bell?
This innovation, popularized by Henry Ford, sped up production by having workers perform specific tasks repetitively.
What is the assembly line?
This form of business integration involves controlling every step of production, from raw materials to finished products.
What is vertical integration?
A legal arrangement where multiple companies combine their resources but still operate independently is known as this.
What are trusts?
He was an American steel magnate who was also known for his significant philanthropic efforts later in life.
Who is Andrew Carnegie?
This Scottish-born entrepreneur led the steel industry and used vertical integration.
Who is Andrew Carnegie?
This source of power, used by Edison and others, became a key driver of industrial growth in the late 19th century.
What is electricity?
This type of integration involves merging companies that produce similar products to control the market.
What is horizontal integration?
The unethical practices of large corporations, including bribery and exploitation of workers, led to a rise in this issue.
What is corruption?
This industrialist controlled the shipping and railroad industries and was one of the wealthiest men of his era.
Who is Cornelius Vanderbilt?
This entrepreneur founded Standard Oil and became the richest man in American history.
Who is John D. Rockefeller?
These are the inputs used to produce goods and services, such as land, labor, and capital.
What are the factors of production?
This French phrase, meaning "allow to do", describes an economic system with minimal government interference in business.
What is laissez-faire?
This term describes entrepreneurs who donate large sums of money to charities and public causes.
What is a philanthropist?
These are individuals who take on the financial risks of starting and running businesses in hopes of earning a profit.
What are entrepreneurs?