Vocab
Created the Bessemer process for making steel from iron
Henry Bessemer
Measures the quality and availability of necessities and comforts in a society
Standard of living
Multistory building divided into crowded apartments.
Tenement
Difference between how much a country imports and how much it exports.
Balance of trade
Invented the first electric light bulb
Thomas Edison
Money or wealth used to invest in business or enterprise
Capital
Workers’ organization
Labor union
American approach to China around 1900, favoring open trade relations between China and other nations.
Open door policy
Identical components that can be used in place of one another in manufacturing
Interchangeable parts
Person who assumes financial risk in the hope of making a profit.
Entrepreneur
Domination by one country of the political, economic, or cultural life of another country or region.
Imperialism
Situation in which a country exports more than it imports.
Trade surplus
Production method that breaks down a complex job into a series of smaller tasks
Assembly line
Invented the cotton gin
Eli Whitney
Country with its own government but under the control of an outside power.
Protectorate
A situation in which a country imports more than it exports.
Trade deficit
Process of fixing up the poor areas of a city
Urban renewal
Movement of people from rural areas to cities.
Urbanization
Area in which an outside power claims exclusive investment or trading privileges.
Sphere of influence