Ch 19 Flashcards
Patent
Legal document that gave exclusive rights to a person in order to make and sell a process, product or device over a period of time.
Thomas Alva Edison
Known as “The Wizard of Menlo Park”, this inventor is credited with numerous advancements in electrical power.
George Eastman
Photographer and inventor of the Kodak camera in 1888.
Samuel Morse
Used a code of dots and dashes to send messages through electrical wires.
Alexander Graham Bell
While experimenting with ways of communicating with the deaf, this inventor organized the American Telephone and Telegraph Company.
stock exchange
Market at which shares of ownership in corporations are bought and sold.
Robber Barron
Term used to describe ruthless industry leaders attempting to get rich with little respect to workers.
Rebates
Used by railroads to persuade valued customers to ship their products at a cheaper price.
John Rockefeller
Owner of the Standard Oil Company this philanthropist helped boom the oil industry in America.
John P. Morgan
Entrepreneur who took advantage of the “boom-and-bust” business cycle with steel.
Trust
Arrangement where owners turn over shares to a board who controls the business and benefit from it.
Andrew Carnegie
Steel industry owner who bought out all of the competition to run a monopoly on steel in the early 1900’s.
Socialism
Philosophy where the means of producing and distributing goods are owned collectively or by government.
Sherman Anti-Trust Act
Gave the government power to break up trusts or big businesses.
Children and Women
Became more evident in the workforce although conditions were often dangerous and hours were harsh.
