9-1 and 9-2 Flashcards
entrepreneur
A person who starts up and takes on the risk of a business.
laissez-faire capitalism
This was the style of capitalism in which the government had very little or no interference with the economy.
patent
Official rights given by the government to an inventor for the exclusive right to develop, use and sell an intention for a set time of period.
mass production
Process of making large quantities of a product quickly and cheaply.
Thomas Edison (1847-1931)
One of the most prolific inventors in U.S. history. Among other things, he invented the phonograph, first practical light bulb, electric battery, and the moving picture.
corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts.
monopoly
Complete control of a product or business by one person or group.
John D. Rockefeller
Established the Standard Oil Company, the largest monopoly in US history. Rockefeller was the America’s first billionaire.
Andrew Carnegie
A Scottish-born American industrialist and philanthropist who founded the Carnegie Steel Company in 1892. By 1901, his company dominated the American steel industry.
Social Darwinism
The belief that only the fittest survive in human, political and economic struggles.
Interstate Commerce Act (1887)
Established the ICC (Interstate Commerce Commission) to monitor the business operations of carriers transporting goods and people between states. It was created to regulate railroad prices.
Sherman Antitrust Act (1890)
First federal action against monopolies. It was signed into law and was extensively used by Theodore Roosevelt for trustbusting. However, it was initially used against labor unions.
“Captains of Industry” or “Robber Barons”
Opposing viewpoints that industrial leaders were either beneficial for the economy or wielded power without any accountability in an unregulated market.
