Monopoly
A form of monopoly when one person or company gains control of one aspect of an entire industry
Horizontal Integration
Insulting epithet for owners of big businesses who made large amounts of money by cheating their competitors and the government
Robber Barron
Which was the first industry impacted by the Industrial Revolution?
Automobile
Electrical appliances
Steel
Textile
Textile
A steel making process where impurities are removed by a blast of air shot through molten iron
Bessemer Process
Economic system where all production is owned by the government and shared with the people
Communism
A company that completely controls the market of a certain industry
Monopoly
Founder of Standard Oil Corporation, which became the leading oil producer in the world around the turn of the century. Richest American in History
J. D. Rockafeller
George Westinghouse championed the use of ________ current, which became the standard in the United States
Alternating Current
The ability to sell stock
-Limited liability for the owners
-Improved ability to raise large sums of money
Industrialization changed the structure of business in America. The items above are all benefits of
Corporations
Unionization
Proprietorships
Monopolies
Corporations
A form of monopoly that occurs when one person or company gains control of every step of the manufacturing process for a single product
Vertical Integration
Captain of Industry
Business people who are especially successful or powerful.
In the late 1800s, workers tolerated poor wages because they
Thought that the government would protect them
Believed it had to get worse before it got better
Could be replaced easily by other workers
Were tricked by employers into taking dangerous jobs.
Could be replaced easily by other workers
Which innovation extended the number of hours in a day that Americans could work and play?
Electricity
A business owned by investors and run by a board of directors.
Corporation
French term meaning "let alone" - meaning government would have as little influence as possible in economic affairs.
Laissez-Faire
Made a fortune in steel; founded U.S. Steel; philanthropist who advocated giving away wealth
Andrew Carnegie
Which argument supports the perception of big business leaders as “Captains of Industry”?
Industrialists support for technology benefited the economy
Monopolies forced small companies out of business
Consumers were harmed by inflated prices
Workers’ wages rose as industrialists profited
Industrialists support for technology benefited the economy
This Person revolutionized communications by inventing the telephone
Alexander Graham Bell
An economic system in which investment and ownership of companies is maintained by private individuals
Capitalism
A group of companies with stock controlled by a single board of director
Trust
Financier who arranged the merger that created US Steel Corporation and who arranged a $65 million loan to the government during the Depression of 1893
J. P. Morgan
As the inventions and methods of the Industrial Revolution spread around the world, they brought many important changes. What was an important effect of industrialization in the United States?
A decline in the size of the middle class
A decline in the use of labor-saving technologies
An increase in migration from the countryside to the cities
An increase in the demand for hand-made goods
An increase in migration from the countryside to the cities
Before the invention of the Electric light bulb, most people got their source of light from _________ which they bought from Rockafeller's company, Standard Oil
Kerosene
believed that society was a competition in which the fittest came out on top, which justified the inequality handed to immigrants and minorities
Social Darwinism