Vocabulary
What term means the shift from an agricultural business to a factory-based business?
Industrialization
What is it called when one company owns all of one good in the market?
Nicknamed "Commodore". This man held a monopoly over the railroad industry in America, making him millions.
Cornelius Vanderbilt?
A period of tremendous economic growth when the US became a larger economy in the world.
The Gilded Age?
Attack on an imported or exported good.
A Tariff?
What was a reason that made working conditions significantly worse in this era?
Long work hours
Dangerous work
Very little workers rights
A tactic used by workers to bargain for their rights with employers by walking off the job and refusing to work?
What is a strike?
What was the name of the Robber Baron that owned a steel company during Industrialization?
Andrew Carnegie
This term is the study of how people and groups decide to use money and resources to get things they want and need.
Economics?
List the four factors of production that we have discussed in this class for full points.
2. Labor.
3. Capital.
4. Natural Resources.
Henry Ford made this to expedite the manufacturing of cars.
What is the Assembly Line?
What type of integration means a company owns all of one step in the production process?
Horizontal Integration
Founded the Standard Oil Trust, the richest man in American history.
John D. Rockefeller?
This term is a set of rules and beliefs.
Doctrine?
This type of economic system values private ownership of the factors of production.
What is a capitalist economy?
What terms means the powerful business leaders who treated their workers badly?
Robber Barons
What type of economics means the government is hands-off?
Laissez-Faire economics
This term is the fundamental inputs or resources used to produce goods and services in an economy.
Factors of Production?
This was a 19th century process that used a hot blast of air to purify iron and convert it into steel.
The Bessemer Process?
Finish this sentence "in a _______market _________ are determined by _________ and _________.
"In a free market, prices are determined by supply and demand."
1. How much the market can offer at one time known as___________?
2. How much of a product (good or service) is desired by consumers to buy at any given price is known as _____________?
1. Supply
2. Demand
What type of integration means a company owns all steps in the production process (materials, factories, and transportation)?
Vertical Integration
My consumers are able to choose the goods and services that they want to buy. This is known as?
Consumer sovereignty?
When consumers are able to choose the goods and services that they want to buy, this is known as what?
Consumer sovereignty?
Direct or indirect payments to individuals and businesses, usually in the form of cash payments from the government, are known as what?