The shift to an economy based on mechanized (machines) work
What is industrialization?
100
Freedom to run a business for profit with little government interference (laissez-faire)
What is free enterprise?
100
*Made running factors cheaper & easier as well as adding comfort to everyday life
*increased productive capacity & improved network of transportation & communication
How did technological innovation help the process of industrialization in the US?
100
Gas powered cars (1902)
Orville/Wilbur began experiments with air flight early 1900’s
Transcontinental Railroad
Creation of time zones
Electric street cars
commuter trains
subway
How did America’s transportation system improve as a result of industrialization?
100
Standard Oil (John D. Rockeweller)
What was one of the most famous cartels of Industrialization?
200
The measure of wealth for a country that figures the sum of all goods, and services within a nation
What is Gross Domestic Product?
200
Free enterprise relies on entrepreneurs (people who risk money to start a business or invest in order to gain a profit)
What role do entrepreneurs play in a free enterprise economic system?
200
telephone 1876
Who is Alexander Graham Bell?
200
Turning out large numbers of products quickly and inexpensively
What is mass production?
200
firms making the same product that consolidate
What is horizontal integration?
300
1. America had abundant natural resources
2. High supply of workers (immigrants)
3. Business friendly gov. policies (laissez-faire)
4. Many technological innovations have occurred in the US
Why did Industrialization become so successful in the United States?
300
*keeping taxes low
*not imposing costly regulations on industry
*not controlling prices or wages
*land grants to railroads
*no restrictions on immigration
*protective tariffs
What were examples of laissez-faire policies adopted by Republican administrations after the Civil War?
A company owned by a group of people but treated by the law as if it were a single person
What is a corporation?
300
John D. Rockefeller bought out his competitors to create the Standard Oil Company (1880s)
Cornelius Vanderbilt bought out much of the eastern railroad network (1860s – 1880s
What were some of the famous examples of horizontal integration during Industrialization?
400
Coal, timber, ore, water, copper, zinc, oil
What were some of America’s abundant natural resources that were important for industrialization?
400
Taxes that made imports more expensive than goods made in the US
What is a protective tariff?
400
transformers (1892)
Train air brakes (1869)
Who is George Westinghouse?
400
Mass production in order to reduce costs
How does mass production affect economies of scale?
400
Complete control of a product or service through horizontal integration
What is a monopoly?
500
Reduced cost of production for business owners by keeping wages lower
How did high rates of immigration help the process of industrialization?
500
*lost the Civil War
*not enough money
*lack of education
Why did the south struggle to industrialize at the same rate as the rest of the country?
500
Purified iron to make steel which had the greatest impact on industrialization
*Pittsburg Steelers got their name for the steel plant in Pittsburg
What was the Bessemer process and how did impact American industrialization?
500
businesses making the same product agree to limit production to keep prices high
What is a cartel?
500
Group of separate companies that are managed by trustees