Industrialization
What was the rapid development of INDUSTRY when there was a shift from making goods by HAND to making them by MACHINE. Occurred during the late 1800s to early 1900s.
Industrial Revolution
What is it called when one individual or company controls an entire industry
Monopoly
Who invented the assembly line to mass produce the automobile at a much lower price than the current production methods
Henry Ford
Who are the people who start a new business and take responsibility for the organization
Entrepreneur
What is an association (group) of workers for the purpose of improving their economic status & working conditions
Labor Unions
What is the rapid manufacturing of a large number of products
Mass Production
What type of business sells "shares" of the company
Corporations
Who was a powerful banker of his era that financed railroads and helped organize U.S. Steel, General Electric and other major corporations
J.P. Morgan
Who is a person that donates a generous amount of money and promotes the welfare of others
Philanthropist
What is a type of negotiation between employers & employees
Collective Bargaining
What is it called when an individual owns the idea and has legal rights to exclude others from making, using, or selling an invention for a limited period of time
Patent
What is the business practice when the ownership in businesses is involved in every step of manufacturing a product
Vertical Integration
Who worked their way up in the railroad business, then entered the growing steel industry, and slowly gained control of every step of the steel making process
Andrew Carnegie
What is the nickname for a business leader whose personal fortune contributed to the country in some way
Captain of Industry
What is it when a labor union refuses to go to work in order to shut down a business because of poor working conditions/ low wages
Labor Strike
How old is Ms. Treglia's eldest grandparent
98
What is the business practice when the owner of the business owns all businesses in a certain field
ex: a business says... "I own all sneaker stores"
Horizontal Integration
Who gained control of the railroad industry by lowering the rates, driving competing railroad companies out of business, and buying up their railroad lines
Cornelius Vanderbilt
What is it called when the gov't does NOT interfere with businesses
Laissez-Faire
What was the FIRST national labor union founded in the 1870s
Knights of Labor
What is the FULL name of Mrs. McVey's dog?
Creasy Bear
What is the name of the PROFITS a shareholder receives
Dividend
Who slashed his own prices to drive out rival oil companies, got secret rebates, lowered his shipping costs, and started the Standard Oil Company
John D. Rockefeller
What is the business method of: “only the strong survive”; eliminating the competition is fair
Social Darwinism
What was another early labor union; led by Samuel Gompers
American Federation of Labor