13.1 Flashcards
What is a Protective Tariff?
Meant to encourage the purchase of American Goods
Taxes that made imported goods more expensive than those made locally
Downside: other countries would make it harder for America to export their goods to them, since they did the same
What is Laissez-Faire?
Policies which allowed businesses to operate under minimal government regulation.
Such policies, along with a strong legal system that enforced property rights, provided the predictability and security that businesses and industries needed to encourage investment and growth.
What is an Entrepreneur?
“Rags to riches”
Heroes of capitalism
Invest money in a product or enterprise in order to make a profit.
Fueled industrialization
What is a patent?
A grant by the federal government giving an inventor the exclusive right to develop, use, and sell an invention for a set period of time.
Ex) Edison had over 1,000
Who was Thomas Edison?
An inventor.
Established a research laboratory in Menlo Park, NJ.
Invented the lightbulb
Over 1,000 patents
What is the Bessemer Process?
Created by Henry Bessemer
Process of purifying iron resulting in strong, lightweight, steel.
Made possible skyscrapers, and elevators to service them.
Suspension bridges.
What is a Suspension Bridge?
Roadway is suspended by steel cables.
First suspension bridge: Brooklyn Bridge
Made possible through Bessemer’s Process
What are time zones?
Most towns set their clocks independently; made it hard for railroads to regulate schedules.
1884:Delegates from 27 countries divided the globe into 24 time zones.
One for each hour in the day.
Railroads adopted this system; still used today.
What is Mass Production?
Turning out large numbers of products quickly and inexpensively to meet large demands in factories.
Depended upon machinery to carry out tasks that were once done with hand tools.
