Industrialization
The term for the period during the late 1800s to early 1900s that saw the rapid development of INDUSTRY and a shift from making goods by HAND to making them by MACHINE.
What was Industrial Revolution?
The term for one individual or company controlling an entire industry.
What is Monopoly?
The industrialist who revolutionized the way that automobiles were produced.
Who was Henry Ford?
The term for someone who starts a new business and take responsibility for the organization
What is an Entrepreneur?
These are associations (groups) of workers formed for the purpose of improving their economic status & working conditions
What are Labor Unions?
The term for the rapid manufacturing of a large number of products, usually in a factory.
What is Mass Production?
The term for a business that sells "shares" of the company to investors.
What is a corporation?
A powerful banker of his era that financed railroads and helped organize U.S. Steel, General Electric and other major corporations
Who was J.P. Morgan?
The term for a business leader whose personal fortune contributed to the country in some way.
What is a Captain of Industry?
The term for a type of negotiation between employers & labor unions
What is Collective Bargaining?
The reason that factory owners preferred to hire women and children.
What is the ability to pay them less than men.
The term for a business practice in which the ownership in businesses is involved in every step of manufacturing and distribution of a product
What is Vertical Integration?
He worked his way up in the railroad business, then entered the growing steel industry, and slowly gained control of every step of the steel making process
Who was Andrew Carnegie?
A term for a Captain of Industry that donates a generous amount of money and promotes the welfare of others
What is a Philanthropist?
This happens when a labor union refuses to go to work in order to shut down a business because of poor working conditions/ low wages
What is a Labor Strike?
These were two of the negative impacts of industrialization?
What were child labor / poor working conditions and pollution?
The term for the business practice in which a company takes over another company at the same stage of production or in the same industry.
ex: Coca Cola buys Pepsi Cola
What is Horizontal Integration?
He gained control of the railroad industry by lowering the rates, driving competing railroad companies out of business, and buying up their railroad lines
Who was Cornelius Vanderbilt?
The French term for the theory that states that the government should NOT interfere with businesses.
What is Laissez-Faire?
This was the FIRST national labor union founded in the 1870s
What is The Knights of Labor?
The main reason for cities growing so quickly during the Industrial Revolution.
What is that factories were mainly located in urban areas (cities)?
The system in which items are built using an arrangement of machines and workers meant to allow work to move through the factory from one station to the next.
What is the Assembly Line
He slashed his own prices to drive out rival oil companies, got secret rebates, lowered his shipping costs, and started the Standard Oil Company
Who was John D. Rockefeller
This theory argues that businesses that are the most efficient and competitive will thrive, while those that are weaker will fail.
What is Social Darwinism?
This was another early labor union; led by Samuel Gompers
What is the American Federation of Labor (AFL)?