Industrialists & Inventors
Invented the phonograph and worked to perfect the light bulb.
Thomas Edison
When one business or organization controls all business in an industry and therefore can control prices.
Monopoly
The perspective taken by those in support of the economic giants like Rockefeller and Carnegie.
Captains of Industry
Railroad tycoon accused of practicing “insider trading”.
Jay Gould
Laissez-faire relies on ____ to regulate prices and wages.
Supply & Demand
The total value of all goods and services that a country produce is its.
Gross National Product (GNP)
Rags to riches story who made a vast fortune in the steel industry.
Andrew Carnegie
People who risk their own money to organize and run businesses are known as
Entrepreneur
The perspective taken by those who felt like economic giants like Rockefeller and Carnegie were harming the working man.
Robber Barons
Owner of Standard Oil.
John D. Rockefeller
Combining many firms engaged in the same type of business into one corporation is called
Horizontal Integration
Belief that the government should not interfere in the economy. "hands-off" economics.
Laissez-faire
Developed an alternating current system to distribute electricity over long distances using transformers and generators.
George Westinghouse
Agreements among companies to keep prices at a certain level were known as
Pools
Author of The Communist Manifesto.
Karl Marx