Key Terms
This economic system allows individuals to own businesses for profit.
What is capitalism?
He built Standard Oil and dominated the oil industry.
Who is John D. Rockefeller?
This period marked the shift from hand-made goods to machine production.
What is the Industrial Revolution?
Workers often faced long hours and this type of pay.
What are low wages?
This 1890 law aimed to limit monopolies.
What is the Sherman Antitrust Act?
A business owned by many investors is called this.
What is a corporation?
This steel tycoon promoted the “Gospel of Wealth.”
Who is Andrew Carnegie?
This 1869 railroad connected the East Coast to the West Coast.
What is the Transcontinental Railroad?
Factories were often dangerous and lacked this.
What is safety regulation?
This era of rapid growth and wealth is known as this.
What is the Gilded Age?
When one company controls an entire industry.
What is a monopoly?
This banker controlled large parts of the economy by financing businesses.
Who is J.P. Morgan?
This system had workers build products step-by-step.
What is the assembly line?
Children working in factories is known as this.
What is child labor?
This term describes wealthy leaders seen as generous and beneficial.
What are Captains of Industry?
A group of companies controlled by one organization.
What is a trust?
He introduced the assembly line to make cars affordable.
Who is Henry Ford?
This innovation helped goods be made faster and cheaper.
What are machines/factories?
Workers organized these to protest poor conditions.
What are strikes?
Rockefeller’s business practices helped create this market condition.
What is a monopoly?
Producing large amounts of goods quickly using machines.
What is mass production?
These powerful business leaders were sometimes criticized with this negative term.
What are Robber Barons?
This change helped create a national economy by linking distant markets.
What is the expansion of railroads (Transcontinental Railroad)?
This conflict showed tension between workers and industrialists.
What are labor disputes (or strikes and protests)?
This debate questions whether industrialists were harmful or helpful.
What is Robber Barons vs. Captains of Industry?