Economic Theory
Adam Smith used this two-word metaphor to describe how the free market self-regulates without government help
What is the Invisible Hand?
He founded Standard Oil and became the richest American in history.
These organizations were formed by workers to bargain collectively for better wages and hours.
What are Unions?
This author wrote The Jungle, accidentally exposing the gross conditions of the meatpacking industry.
Who is Upton Sinclair
When a single company controls the entire market for a product, eliminating all competition.
What is a Monopoly?
This economic policy means "let it do" or "let it be" and calls for zero government interference in the economy.
What is Laissez-faire?
This steel magnate used Vertical Integration to lower costs and wrote the "Gospel of Wealth."
Who is Andrew Carnegie?
This 1886 event in Chicago turned violent, leading to the decline of the Knights of Labor and a fear of anarchists.
What is the Haymarket Square Riot?
Journalists who investigated and exposed corruption and social problems were known by this "dirty" nickname.
Who are Muckrakers
Buying out all the steps of production (mines, trains, factories) is this type of integration.
What is Vertical Integration?
According to Adam Smith, the Wealth of Nations is not gold, but this—created by the division of labor.
What is Productivity (or Trade)?
He didn't invent the car, but he perfected the assembly line to make it cheap enough for the common man.
Henry Ford
The shift from skilled artisans making whole products to unskilled workers doing one repetitive task is called this.
What is De-skilling?
He advocated for the "Talented Tenth" and demanded immediate civil rights for African Americans.
Who is W.E.B. Du Bois?
The twisted application of "survival of the fittest" to human society to justify inequality and racism.
What is Social Darwinism?
Karl Marx argued that the "Bourgeoisie" (owners) exploit this class of workers who have nothing to sell but their labor.
Who are the Proletariat?
This man championed "Scientific Management," using stopwatches to time worker movements.
Frederick Taylor
Known as "Wobblies," this radical union wanted to unite all workers into "One Big Union" to overthrow capitalism.
Who are the IWW (Industrial Workers of the World)?
The "Wisconsin Idea" introduced these three reforms to give voters more direct power (Name two).
What are Initiative, Referendum, and Recall?
In Supply & Demand, this occurs when the Price is set below the equilibrium, causing buyers to want more than is available.
What is a Shortage?
Marx believed profit was actually this—the difference between the value a worker creates and the wage they are paid.
What is Surplus Value?
A railroad tycoon known for consolidation, or the "Commodore," he is often the prime example of a Robber Baron.
Cornelius Vanderbilt
The process where a skilled worker is replaced by a machine, or their job is broken down so much that no skill is required.
What is Mechanization
This Constitutional Amendment was passed to stop wealthy tycoons from buying Senate seats, allowing for the direct election of Senators.
What is the 17th Amendment?
A "Gilded" object looks like gold on the outside but is actually made of this on the inside.
What is Cheap/Common Metal