Unit Vocabulary
Business people who are especially successful and powerful who contribute positively to society.
What is a wealthy industry?
This person made their money in the oil industry, at one point owning over 90% of all oil production in the United States
Who is John D. Rockefeller?
This is... An economic system where prices are determined by unrestricted competition among privately owned businesses, also called a Market Economy.
What is a Free Market? (or Market Economy)
This is... A tax imposed by a government on imported goods and services, often used to protect domestic industries.
What is a tariff?
Business people who engage in unethical or illegal tactics to build a large personal fortune.
What is a robber baron?
This person operated one of the largest steel companies in the world, primarily located in Pittsburgh, Pennsylvania
Who is Andrew Carnegie?
This is... A government grant of money or financial assistance given to a business or industry to help it survive or compete.
What is a Subsidy?
This is... A belief or set of established rules and principles that guides the policy decisions of a nation or a major political group.
What is a Doctrine?
Theory that society progressed through competition, with the fittest rising to positions of wealth and power.
What is Social Darwinism?
This is... This manufacturing process, which Ford revolutionized, allowed his company to produce the Model T faster and cheaper than any competitor.
What is the assembly line?
This is... The economic principle stating that the customer's decision on what to buy dictates what goods and services producers will offer.
What is Consumer Sovereignty?
This is... This 19th-century industrial process revolutionized steel production by blowing air through molten pig iron to remove impurities.
What is the Bessemer Process?
Business enterprises that are owned by two or more people who are responsible for the business’ debts.
What is a partnership?
This railroad and shipping industry leader has a university named after him and loaned his largest and fastest steamship to the Union during the Civil War
Who is Cornelius Vanderbilt?
This is... The specific name for the four basic inputs—land, labor, capital, and natural resources—required to produce goods and services.
What are the Factors of Production?
This is... The economic principle that states that as the price of a good or service increases, the quantity that producers are willing to offer for sale also increases.
What is the Law of Supply?
Theory that opposes government regulation of economic matters.
What is laissez-faire capitalism?
This person invested massive amounts of money into owned the largest corporate art collection in the world
Who is J.P. Morgan?
This is... The state in a market where the quantity of a product supplied by producers exactly equals the quantity demanded by consumers.
What is Equilibrium?
This is... The economic principle that states that, all else being equal, as the price of a good or service decreases, the quantity that consumers are willing and able to buy increases.
What is the Law of Demand?