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US History > Chapter 19- The Triumph of Free Enterprise > Flashcards

Chapter 19- The Triumph of Free Enterprise Flashcards

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1
Q

years for the Age of Industry

A

1865-1900

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2
Q

by 1900, the US became one of the

A

leading nations in the world

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3
Q

the invention that changed the shoe manufacturing during the Civil War

A

McKay’s sole-sewing machine

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4
Q

led to the manufacture of ready-made clothing

A

cloth-cutting machine

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5
Q

other invention introduced in the Age of Industry

A

packaged cereals
commercially canned food

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6
Q

patented the first telephone

A

Alexander Graham Bell

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7
Q

year Bell patented first telephone

A

1876

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8
Q

the first telephone company

A

Bell Telephone Company

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9
Q

year of the first telephone company

A

1877

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10
Q

the greatest inventor in history

A

Thomas Edison

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11
Q

established the first modern scientific laboratory

A

Edison

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12
Q

where was the first modern scientific laboratory

A

Menlo Park, New Jersey

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13
Q

Edison said genius is “…

A

one percent inspiration and ninety-nine percent perspiration”

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14
Q

Edison’s invention that had the most profound effect upon the 20th century

A

incandescent electric light bulb

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15
Q

companies that dominated in the manufacturing of light bulbs and other electrical equipment and in the distribution of electrical power

A

General Electric
Westinghouse

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16
Q

invented the chilled-iron plow in 1868

A

Oliver

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17
Q

enabled a farmer to ride his plow instead of walking behind it

A

plow sulkyp

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18
Q

planted seed in rows and covered it with a thin layer of soil

A

grain drill

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19
Q

other agricultural advancements

A

gang plow
disc harrow
springtoothed harrow
planters
cultivators
hay mowers

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20
Q

a major asset to wheat farmers which bound grain in bundles and deposited it in stacks

sold 15,000 the first year

A

twine binder

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21
Q

invention in which grain could be reaped and threshed in one continuous operation

A

combine

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22
Q

replaced horses and mules for pulling farm equipment

A

steam tractors

later gasoline and diesel tractors

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23
Q

the planting process in which a different crop was planted each year to avoid depleting the soil of needed minerals

A

crop rotation

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24
Q

helped eliminate soil erosion by putting furrows to curve a hill

A

contour plowing

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25
Q

invented thornless cactus and improved potato

A

Burbank

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26
Q

went to Russia to find a variety of wheat that could grow with little rainfall

A

Carleton

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27
Q

had a laboratory named “God’s Little Workshop”

A

Carver

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28
Q

found multiple uses for the peanut, soybean, and sweet potato

A

Carver

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29
Q

government department founded in 1862 with the purpose of aiding farmers

A

Department of Agriculture

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30
Q

Congress act that made available to states funds to establish agricultural experiment stations

A

Hatch Act

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31
Q

authorized the establishment of an Extension Service within the Department of Agriculture

A

Smith-Lever Act

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32
Q

provided federal funds to help high schools finance courses in agriculture, home econ, and other vocational subjects

A

Smith-Hughes Act

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33
Q

three organizations established to provide agriculture and leadership training for young people in rural areas

A

4-H Clubs
FFA
FHA

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34
Q

Section 19.3- Great Age of Enterprise

A
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35
Q

an economic system in which individuals are free to follow their economic pursuits as they see fit

A

capitalism (free enterprise)

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36
Q

total output of goods and services

A

GNP

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37
Q

Factors that contributed America’s prosperity in late 19th century…

A
  1. New invention and discoveries
  2. Abundant natural resources
  3. Large labor supply
  4. Surplus capital
  5. stimulant of the Civil War
  6. Cheap transportation
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38
Q

the greatest factors in American’s rise to prosperity

A

character of her people (Protestant work ethic)

39
Q

the second most important stimulant of American prosperity

A

free enterprise or capitalism

40
Q

brought to America the greatest wealth and luxury for the greatest number that the world has ever known

A

capitalism or free enterprise system

41
Q

part of country that became well known for its production of textiles, shoes, and paper

A

New England

42
Q

Industrial development made a notable move westward particularly to the

A

Midwest

43
Q

became known for the iron and steel center

A

Pittsburgh

44
Q

became meatpacking centers

A

Chicago
Kansas City

45
Q

known for their flour mills

A

Minneapolis
St.Paul

46
Q

became centers of brewery industry

A

Milwaukee
St. Louis

47
Q

because so many changes took place in the South after the Civil War, it is often referred to as

A

New South

48
Q

by the turn of the 20th century, nearly _________ of the cotton goods manufactured in the country were produced in the South

A

half

49
Q

became the center of the southern iron and steel industry

known as the Pittsburgh of the South

A

Birmingham

50
Q

two men that discovered a new method to produce steel

A

Kelly
Bessemer

51
Q

the method produced by Kelly and Bessemer to produce steel

A

blast furnace (Bessemer process)

52
Q

a slower but more precise technique of steel production

A

open-hearth method

53
Q

a person who organizes and manages a business undertaking

A

entrepreneur

54
Q

the leading producer of iron and steel in the United states

A

Henry Frick

55
Q

organized Carnegie Steel and bought other business to create giant corporation called United States Steel Corporation

A

J.P. Morgan

56
Q

best remembered for helping to finance the founding of public libraries across US and England

A

Carnegie

57
Q

drilled the first oil well in the country in Northwestern Pennsylvania

A

Edwin Drake

58
Q

oil company organized by John D Rockefeller

A

Standard Oil Company

59
Q

year in which Standard Oil Company controlled over 30% of the nation’s oil refining capacity

A

1873

60
Q

America’s wealthiest financier of the 19th century

A

J.P. Morgan

61
Q

the railroads paid Rockefeller __________ on part of the established freight charge for each barrel of oil shipped

A

rebates

62
Q

formed when a group of businessmen receive a charter of incorporation from a state government

A

corporation

63
Q

money to be used to make more money

A

capital

64
Q

certificates of ownership

A

stock

65
Q

one who purchases the stock

A

stockholder

66
Q

what a stockholder earns on each of his shares

A

dividends

67
Q

between stockholders meetings, the corporation is managed by a

A

board of directors

68
Q

a business owned by one individual

A

proprietorship

69
Q

a business owned by two or more partners

A

partnership

70
Q

a corporation has several advantages over a proprietorship…

A
  1. a corporation can generate large amounts of capital
  2. a stockholder risks only the amount of money he invests in a corporation; a proprietor or partner is held personally responsible for debts of business
  3. the stock of corporation can easily change hands
71
Q

by the end of the 19th century, corporations produced nearly _______ of the total value of manufactured goods in the country

A

3/4

72
Q

arrangement which was an informal agreement among competing businesses to fix prices, share profits, or divide country

A

pool

73
Q

entitles stockholders to share proportionately in the profits of a trust

A

trust certificates

74
Q

organized the first trust in 1882

A

Standard Oil Company

75
Q

dozens of companies under Rockefeller turned their stock over to which trust

A

Standard Oil Trust

76
Q

one of the key advantages of the free market system

A

competition

77
Q

businesses which have virtually no competition and put the consumer at the mercy of the big businesses

A

monopolies

78
Q

farmer’s organizations that appealed to their state legislatures to adopt laws regulating the railroads

attempted to force railroads to charge equal freight rates to all shippers

A

Granger laws

79
Q

forbade railroads to grant rebates, charge more for short hauls than long hauls, or to engage in certain other competitive practices

A

Interstate Commerce Act

80
Q

board appointed to supervise the activities of railroads and enforce the provision of the law

A

Interstate Commerce Act (ICC)

81
Q

act passed in 1890 declared trusts illegal

A

Sherman Antitrust Act

82
Q

a captain of industry that tried to conduct his financial affairs as a steward of “God’s Gold”

A

Rockefeller

83
Q

philanthropist that created a fund to promote education in the South

A

Peabody

84
Q

other philanthropists

A
  1. Cyrus McCormick
  2. Swifts
  3. Armour
85
Q

two philanthropists that contributed to church educational industries

A

Hill
Vanderbilts

86
Q

only economic system capable of providing the greatest material benefits for the greatest number of people

A

free enterprise or capitalism

87
Q

is the tight government control of trade

A

mercantilism

88
Q

trade without government regulations or tariffs

A

free trade

89
Q

man largely responsible for the laissez faire policy

A

Adam Smith

90
Q

Adam Smith’s book

A

Wealth of Nations

91
Q

had a philosophy that individual freedom in economics leads to the greatest good not only for the individual but for society as a whole

A

Smith’s

92
Q

Adam Smith was one of the earliest advocates of

A

capitalism or free market

93
Q

largely responsible for the rise and triumph of capitalism

A

Smith

US History (23 decks)

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