Chapter 15&16 test Flashcards
The “second Industrial Revolution” began with the
Development of a faster, less expensive process for producing steel
Railroad expansion did all of the following
- Cause the growth of other industries
- Provide jobs
- Strengthen national markets
As the 20th century began
Americans were using two new energy sources: electricity and oil
Laissez-faire capitalism
Theory that calls for no government regulation of economic matters
To manage large industries and raise vast amounts of capital
Business leaders organized corporations
Trust
Group of companies controlled by one board of directors
Economies of scale
Business principle in which buying supplies and producing goods in bulk lowers the production costs and increases profits
Vertical integration
Business method used to control costs by acquiring companies, such as mines and railroads, that provide materials and services for a manufacturing enterprise
Horizontal integration
Business method used to control many companies involved in one stage of manufacturing, such as oil refining
Business people such as Marshall Field, R.H. Macy, and John Wanamaker
Pioneered department stores
Unlike the old immigrants
The majority of new immigrants were Eastern Europeans and Italians
Ethnic neighborhoods and foreign language newspapers affected immigrants by
Aiding adjustment to Americans life
Immigration Restriction League
Proposed mandatory literacy test
Mass transit
Development that encouraged suburban growth
The following three statements are true of urban dwellers in the late 1800’s
- Most married middle class women worked at home
- Some wealthy people supported philanthropy
- The new rich made their money in the industry