Chap. 3 Study Guide Flashcards
A policy where the government lets business owners essentially do what they want
Laissez- faire
People who assure a risk by investing in a business
Entrepreneur
Charge on imported goods
Protective tariff
Free land given by the government
Land grant
Rail road owners accused ofswindling and bribery / corrupt railroad owners
Robber Baron
An organization owned by many people - usually from selling stock
Corporation
The cost of manufacturing decreases by producing goods quickly and in large quantities
Economies of sale
When a company owns all points of an industrial process
Horizontal integration
When a company grows by buying its competitors or all steps of an industrial process
Vertical integration
A scientific process that transformed iron into steel
Bessemer process
When he single company and cheese control of an entire industry (90%)
Monopoly
An organization of common laborers and/or craft workers in a particular industry 
Industrial Union
Developed a way to harnessed electricity; made the lightbulb
Thomas Edison
Scottish immigrant, capitalized on the Bessemer process, used horizontal and vertical integration
Andrew Carnegie
Used horizontal integration to achieve a monopoly, lowered prices so competitors went bankrupt, owned 90% of the oil industry
John d. Rockefeller
Worked for Andrew Carnegie overseeing the homestead steel plant in Pennsylvania, called in the Pinkerton detectives when workers went on strike
Henry K. Frick
Founder of the American Federation of labor
Samuel Gombers
Welcomed a diverse group of skilled and unskilled laborers including women and African-Americans, supported the eight hour workday, lost support overtime when they became associated with violence
Knights of labor
Restricted membership to skilled workers, became the dominant labor organization in the late 1800s and still exist today, viewed as “less radical” than organizations like the knights of labor and the IWW
American federation of labor
What were the factors that led to industrialization within the United States?
Land, labor, Capital
Who benefited from protective tariffs and who did not?
American entrepreneurs benefited from tariffs, and non-American entrepreneurs and consumers did not benefit.
What were the effects of integrated railway systems and new locomotive technologies?
Made travel easier by connecting the east to the west, stimulated the economy, created new time zones, and created new businesses
In what ways did retail change as a result of industrialization?
. Created more entrepreneurs, created more jobs, got larger, and improved
What caused workers to form labor unions in the industrial age?
Better pay, better hours, better working conditions, unequal distribution of wealth, how much less money they were making then business owners when they were the ones doing the work
What happened at the Homestead plant in Pennsylvania?
Can we Frick called the Pinkertons to open fire on striking workers. This killed and injured many people. And causing outrage of many people everywhere.
What railroad did the union pacific in central pacific railroad create?
Transcontinental railroad
