Economics
the total value of goods and services produced by a country during a year
Gross National Product (GNP)
a person who comes to live permanently in a foreign country
Immigrant
process for making high quality steel by putting air bubbles into iron as it is heated
Bessemer Process
gave two corporations-the Union Pacific and the Central Pacific- permission to build a transcontinental railroad
Pacific Railway Act
the Irish potato crop was ruined by a fungus, it caused a famine, millions of people died or emigrated out of the country
Irish Potato Famine
one who organizes, manages, and assumes the risks of a business or enterprise
Entrepreneur
investment banker, bought US Steel from Carnegie
J.P. Morgan
connected the eastern and western coasts of the US, built by the Union Pacific and Central Pacific Railroads
Transcontinental Railroad
an economic system where few restrictions are placed on business activities and ownership and the government rarely owns businesses
Free Enterprise
"Mother Jones" worked as a labor organizer for the Knights of Labor, Rockefeller said she was the most dangerous woman in America
Mary Harris Jones
total control of a type of industry by one person or one company
Monopoly
owned Standard Oil and nearly had a monopoly on the oil industry
John D Rockefeller
invented the telephone
Alexander Graham Bell
a labor union that favored negotiations and arbitration over strikes, welcomed women and African Americans
Knights of Labor
owned a portion of corporations, owned a share
Stockholders
an agreement in which a company agrees to hire only union members
Closed shop
people who looted an industry and became unethically rich, railroad entrepreneurs began to be viewed as this
Robber Barons
a grant of land by the federal government, especially for roads, railroads, or agricultural colleges
Land Grant
the dominate labor organization or union in the US during the Industrial Revolution
American Federation of Labor (AFL)
Corruption in the railroad industry became public in 1872, when it became public knowledge that Credit Mobilier was a company owned by the Union Pacific to encourage the government to give them more land grants
Credit Mobilier Scandal
an organization of workers who have come together to achieve common goals
Union
brought the Bessemer process to the US,
Andrew Carnegie
invented the light bulb, phonograph, and electric generator
Thomas Edison
also known as the "Wobblies", a labor union, considered to be radicals
Industrial Workers of the World (IWW)
a company tool to fight union demands by refusing to allow employees to enter its facilities to work
Lockout