Age of Industry review

Question 1

Gilded age

Answer 1

Another name for the insudtrail era in (late 1800- early 1900). The US experienced population growth, economic growth, political corruption, rich people were treated well. The term is about how it may look good at the surface but if you deep further there are problems.

Question 2

corporation

Answer 2

A company thats sells stock or shares out into the public

Question 3

capital

Answer 3

To invest money. Goods or money used to make other goods or money.

Question 4

Monopoly

Answer 4

Control of a good or service. Own all the industry. No competition means higher prices

Question 5

Laissez-Faire

Answer 5

Goverment dosen’t get involved with the buisness

Question 6

Philanthropist

Answer 6

Some who donates money to the public for others benefit. Suc as money to build schools and libraries

Question 7

John D. Rockefeller

Answer 7

A philanthropist who created a monoply in the oil industry

Question 8

Andrew Carnegie

Answer 8

Philanthropist who dominated in the steel indrusty

Question 9

Henry Ford

Answer 9

Use assembly lines to mass prodce. He made America better by producing a car even middle class Americans could afford

Question 10

Assembly Line

Answer 10

Instituted by Henry Ford in his car factories. Created a more efficint and cheaper form of production. Worker stand on line and repeat the same task to form a product

Question 11

JP Morgan

Answer 11

He dominated the financial world during the Gilded Age

Question 12

Sweat shop

Answer 12

A factory where workers work for very low wages for long hours and uner poor condition. Usually immigrants, women and children work there

Question 13

Traingle Shirtwaist Facroty Fire

Answer 13

A fire that occured in a NY Shirtwaist factory in 1911. This helped raise awareness regarding the unsafe conditions of workers.

Question 14

labor Union

Answer 14

Workers organizing into groups to fight for better working conditions and protection. Groups of wokers who have the same job

Question 15

Strike

Answer 15

A refusal to work organized by employees as a form of protest, typically in an attempt to gain something

Question 16

Gospel of wealth

Answer 16

Wealthy Americans had a reponsibility to spend their money in order to benefit the greater good or the public.

Question 17

mass production

Answer 17

Producing large quantities of goods by using machinery or assembly lines

Question 18

Captain of Industry

Answer 18

business people who also gave back to communities through charity and giving thousands of dollars away to the poor

Question 19

Robber Barons

Answer 19

Buisness men who took away from from the poor to build their own wealth.

Question 20

Fair Labor Standards Act

Answer 20

During 1938 there was a law that creates the right to a minimum wage, and ‘time-and-a-half” overtime pay when people work over forty hours a week. It also progibits employment of minors.

Question 21

Capitalism/free enterprise system

Answer 21

Business are owned by private citizens, buisnes decide what to produce how to produce it and how to sell it. Businesses compete for consumers… opposite of a monopoly. Consumers have choice

Question 22

Who sold their steel company to who

Answer 22

Andrew Carnegie sold his steel company to JP Morgan, who dominated the financial world during the gilded age.