Captains of Industry
He invented the lightbulb & the stock ticker machine.
Who is Thomas Edison?
A system of government where businesses and the means of production are privately owned.
What is capitalism?
Complete control over the production of a good or service.
What is a monopoly?
Samuel Morse created this invention.
What is the telegraph / morse code?
Laws against monopolies are called:
Antitrust Laws
The owner and founder of Standard Oil Company.
Who is John D. Rockefeller?
This guaranteed an inventor exclusive rights to the use of his or her invention for a limited time period.
What is a patent?
A person who starts a business and is willing to risk loss in order to make money
What is an entrepreneur?
This process made the production of steel 80% cheaper, allowing for the mass production of steel.
What is the Bessemer Process?
Shares of ownership in a corporation that can be resold for profit.
What are stocks?
The owner & founder of U.S. Steel Co.
Who is Andrew Carnegie?
The government's policy of being "hands off" or not regulating businesses.
What is laissez-faire?
This refers to the late 1800s-early 1900s, describing a time of extreme wealth inequality and corruption.
What is the Gilded Age?
He invented the telephone.
Who is Alexander Graham Bell?
A long business downturn with high unemployment
What is a depression?
The biggest railroad tycoon of the late 1800s - early 1900s.
Who is William Vanderbilt?
Congress passed this law against unfair practices by railroads.
What is the Interstate Commerce Act?
Andrew Carnegie's book - he argued that a rich man should give away their money to benefit society.
What is Gospel of Wealth?
He laid the 1st transatlantic cable to to carry telegraphic messages between Europe & the U.S.
Who is Cyrus Field?
When one owns their own sources of raw materials, their own transportation, and their own manufacturing facilities
What is vertical integration?
He co-founded Standard Oil Company and built railroads in Florida.
Who is Henry Flagler?
Congress passed this law to forbid all trusts, combinations, and conspiracies that limited or restricted interstate trade.
What is the Sherman Antitrust Act?
When one owner controls all companies and facilities at one stage of production of a good
What is horizontal integration?
She became the first African American women to receive a us patent (fold-away bed).
Who is Sarah Goode?
Informal agreements to fix prices or divide markets, often used by railroad companies.
What are pooling agreements?