Chapter 13 Flashcards
What does monopoly mean?
A company that completely dominates an industry.
What does Corporation mean?
A company that is recognized by law, made up by individual owners/stockholders. People may buy stock!!!!
What is Capital?
Any asset that can be used to make to make money (ie) invest money, building, tools,machinery.
Who invented the telegraph? What other thing was it known as.
Samuel Morse 1837 also it was known as morse code.
Who discovered a way to drill wells to extract kerosene and would lead to a boom in the oil industry.
Edwin Drake
What does trust mean?
Formed to control companies from competing against each other.
Who invented the telephone.
Alexander Graham Bell in 1876
What develop the steel industry and the built America.
The new way of turning iron into steel
What are the three basic factors of production
Land, labor, and capital.
Who wrote “The Principals of the Scientific Management” and got inspired.
Fredrick Taylor. Also inspired Henry Ford
What is the Bessemer Process?
Involved blowing air through molten iron and taking out the carbon which resulted in a harder steel that could be bent and cooled to build skyscrapers, bridges and other engineering feats at a fraction of the cost.
Why do some historian refer to industrials as Captains of industry.
They were hard workers who took advantage of new technology and new forms of business organization to make their companies more productive.
What is vertical integration?
taking control of every step of the operation
What is horizontal integration?
Business from same industry join together
What does laissez-faire mean.
Market established through supply and demand. government is ‘hands off’
