Industry Vocab
Total control of a type of industry by one person or one company
Monopoly
The total value of goods and services produced by a country during a year
Gross National Product
A shortage of workers in California forced the Central Pacific Railroad to hire about 10,000 workers from
China
John D. Rockefeller
One who organizes, manages, and assumes the risks of a business or enterprise
Entrepreneur
One reason for the country's industrial success was its vast abundance of
Natural Resources
Notoriously corrupt railroad owner
Jay Gould
Opened a steel company in Pittsburg in 1875 and began using the Bessemer process - a way of making high quality steel efficiently and cheaply
Ideology where all property and wealth are communally owned instead of being owned by an individual
Communism
A company tool to fight union demands by refusing to allow employees to enter its facilities to work
Lockout
This person began the first modern research laboratory, resulting in many new inventions, including the battery and motion picture
Thomas Alva Edison
A grant of land by the federal government, especially for roads, railroads, or agricultural colleges
Land Grant
This type of integration occurs when a company grows by buying its competitors
Horizontal
Hoping to start a revolution, this group believed society does not need government and assassinated government officials and set off bombs across Europe
Anarchists
A policy that government should intervene as little as possible in the nation's economy
Laissez-faire
The first oil well was drilled near Titusville, Pennsylvania, by
Robber Barons
Chain stores, a group of retail outlets owned by the same company, first appeared in the mid-1800s, offering customers
Low Prices
This person saw capitalism as a struggle between workers and owners
Karl Marx
An organization that is authorized by law to carry on an activity but treated as though it were a single person
Corporation
Alexander Graham Bell founded the Bell Telephone Company, which eventually became this telephone company
American Telephone and Telegraph Company (AT&T)
Chief engineer of the Union Pacific Railroad
Grenville Dodge
A company whose primary business is owning a controlling share of stock in other companies
Holding Company
Settling a dispute by agreeing to accept the decision of an impartial outsider
Arbitration