8th grade ch 18 Flashcards
why industry boomed2
- more coal/steel in west
- new railroads in west
patent
document giving someone the sole right to make and sell an invention
thomas edison
invented light bulb
alexander graham bell
invented the telephone
christopher sholes
invented type writer
george eastman
invented lightweight camera
henry ford
invented more affordable automobile
assembly line
manufacturing method in which a product is put together as it moves along a belt
wilbur and orville wright
invented gas powered airplane
entrepreneur
someone who sets up new businesses to make a profit
corporations2
- businesses owned by many investors
- less risk for investors, more risk for full time owners
banks
lent huge amounts of capital to corporations to help industry grow faster
monopoly
company that controls most or all businesses in a particular industry
andrew carnegie2
- born poor
- established carnegie steel company
gospel of wealth
carnegie philosophy that says that the rich had a duty to improve society
john d rockefeller2
- born poor
- established standard oil trust
trust2
- group of corporations run by a single board of directors=
- saw as a threat to free enterprise
free enterprise
system in which privately owned businesses compete freely
social darwinism
businesses that drove out their competitors deserved to survive
changes in workplace3
- workplaces grew
- more women and children
- disease and injury