Economy
The total value of all goods and services that a country produces is its
What is gross national product (gnp)
People who risk their own money to organize and run businesses are known as
entrepreneurs
Organized association of laborers who are all part of the same craft
What is a Trade union?
enables larger and heavier trains
what are air breaks
flood of immigrants and large families both led to
Population growth
Cost of manufacturing is decreased by producing goods in a large
What is economies of scale
used the bessemer process and vertical integration as strategies to produce high quality steel
Who is Andrew Carnegie?
Nationwide walk out from railway workers
What is the great railroad strike?
Industrial steel making method that uses blasts of hot air named after Henry Bessemer
What is the Bessemer Process?
Began the railroad boom
what is the Pacific Railway Act?
Rise in the value of money
what is deflation?
Owner of standard oil and used horizontal integration
Who is John D Rockefeller?
Violence between strikers in support of an 8 hour work day and police in chicago
What is the Haymarket riot?
Material that was popular to be made into kerosene
What is Petroleum?
Belief that government government shouldn’t interfere with the economy
Laissez-faire
Wages, shipping charges and supplies
What is a Fixed cost?
Organization owned by many, made big business possible
what is a corporation?
Their leader was Terrance Powderly
What is Knights of labor
allowed cloth to be made more quickly
what is the auto loom
Federal government gave these to many railroad companies
What are land grants?
Loans, mortgages and taxes
What is an Operating cost?
How corporations raise money
Locking striking laborers out of work and refused to pay them
What is a Lock out?
Gained international fame with the invention of the phonograph
Thomas Edison
Total control over one type of industry by one company or person
What is a monopoly?