1 Review

Question 0

Capital

Answer 0

Any financial assets including money, machines, and buildings – used in production

Question 1

Monopoly

Answer 1

A company that completely dominates a particular industry. The us monopoly companies raise the prices when they wanted to and lowered the quality. This is taking advantage of the people because they had no other company to turn to buy the same products from.

Question 2

Trust

Answer 2

A set of companies managed by small group known as trustees, who can prevent companies in the trust from competing with each other

Question 3

Social Darwinism

Answer 3

An idea, based on Charles Darwin’s theory of evolution, that the best run businesses led by the most capable people will survive and prosper

Question 4

Sherman antitrust act

Answer 4

1890 federal law that outlaw trusts, monopolies, and other forms of business that restricted trade. It allowed more small businesses to prosper and get a chance but it is also full of vague language were people found loopholes. Court cases often interpreted the lot in favor of big businesses

Question 5

Homestead strike

Answer 5

– work stoppage at one of Carnegie’s steel plants outside of Pittsburg. Carnegie’s company hired people to fight the workers and several people were killed. The PA state militia broke up the strike and many of the workers lost their jobs. The Homestead Strike is an example of how the government usually supported businesses over workers during Gilded Age strike

Question 6

Industrial Revolution

Answer 6

transformation from hand made production to mass production using machinery in factories. The industrial revolution transformed America from a mostly farming nation to a country where most people lived in urban areas and worked in industry.

Question 7

Vertical integration

Answer 7

combination of businesses to control each step in the process of producing, distributing and selling the product. Vertical integration allowed many Gilded Age business leaders to sell their products cheaper than their competitors in order to eliminate their competition

Question 8

Horizontal integration

Answer 8

combination of businesses in the same industry. Horizontal integration was used to form monopolies in the Gilded Age.

Question 9

Competition

Answer 9

businesses try to gain the most customers and profits. Competition benefits society as businesses work to make the best products at the best prices.

Question 10

Capitalism

Answer 10

free market economic system that is driven by the individual pursuit of wealth. Capitalism is the economic system of the U.S.