chapter 17 ap history Flashcards
Patents
Protect on idea by putting your name on it, no one can steal the idea
Cyrus W. Field
Laid first transatlantic telegraph cable
Bessemer process
Convert iron to steel by blowing air through molten air to burn out impurities
Standard oil
Owned 90% of oil(Rockefeller). George Bissel discovered oil as a fuel source.
Taylorism
Manage human labor and make it compatible with demands of machine age, sub divide tasks for quicker production
Cornelius Vanderbilt
One of the men who owned vast amounts of railroad, aided in expanding railroad
Corporations
Came up when individuals could no longer finance their great ventures; raise money by selling stock to public
Stock
Capital raised by businesses through the issue of shares
Limited liability
Only risk how much you invest
Andrew Carnegie
Scottish immigrant who was the “rags to riches” man, dominated the steel industry, and believed in sharing wealth with society
J. Pierpont Morgan
Bought out Carnegie interests for $450 million and merged with others to form United States Steel Corporation
Consolidation
Process of businesses combining into one powerful corporation
Horizontal integration
Combine firms engaged in the same enterprise into one corporation
Vertical integration
Take over different enterprises you rely on for primary functions
John D. Rockefeller
Created the standard oil company of Ohio, served as the leading symbol of monopoly in the 1880s
Holding company
A central corporate body the would buy up the stock of various members of the standard oil trust and establish direct, formal ownership of the corporations in the trust