Rise of Industry
Made his millions on Steel Mills, Andrew Carnegie fueled this revolution
Industrial Revolution
The name of the railroad connecting the Atlantic and Pacific railroad tracks.
transcontinental railroad
Business in the US began to grow quickly after what major event
The Civil War
name the two basic types of workers.
Craft workers (specialized skills) and common workers(fewer skills)
One who organizes, manages, and assumes the risks of a business or enterprise
After the civil war, electrification was the main reason for the increase and new discoveries of what?
Technology
Due to the schedule of the trains, this change countrywide led to what measure of time?
Time Zones
One of the largest businesses to boom, this industry connected the cities and states and allowed for transportation of goods and people.
Railroads
Name of list of workers that were seen as "troublemakers', those in-favor of unionizing.
Blacklist
One who puts money into a company in order to gain a future financial reward
Investor
The discovery and use of this resource led to the invention of the automobile as well as another fuel used for lanterns and stoves.
Petroleum/Kerosene
Some railroad owners gave what to members of congress in hopes to get more grants for land?
Bribes
This type of business was forced out because large corporations had a much smaller operating cost.
Small businesses
True or false: Unionizers were peaceful and simply refused to work.
False. Unionizers would refuse to work but were often met with violent opposition from industry owners and government.
An organization that is authorized by law to carry on an activity but treated as though it were a single person
Corporation
Inventor of the lightbulb, phonograph, and the electric generator.
Thomas Edison
The Great Northern Railroad was owned by a famous Minnesotan. You can even visit his house. He was known for being more honest than most.
James J. Hill
A piece of paper allowed individual citizens to buy into a company, reaping profits and they grew larger and larger.
Stock
The AFL(American Federation of Labor) is largely accredited which working condition that is widely accepted to today.
The 8 hour work day.
Total control of a type of industry by one person or one company
Monopoly
This type of economic philosophy believed that government should stay out of the economy and protect property rights and preserve peace in the markets.
Laissez-faire
The term used when smaller railroads connected to other railroads.
Integrated
The name for when a business owns all the parts of the industrial process.
Vertical integration
What is the purpose of Unionizing?
Hope to improve wages, hours, and working conditions.
A decline in the volume of available money or credit that results in lower prices, and therefore increases the buying power of money
Deflation