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

Chapter 19- The Triumph of Free Enterprise Flashcards

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
invented thornless cactus and improved potato
Burbank
26
went to Russia to find a variety of wheat that could grow with little rainfall
Carleton
27
had a laboratory named "God's Little Workshop"
Carver
28
found multiple uses for the peanut, soybean, and sweet potato
Carver
29
government department founded in 1862 with the purpose of aiding farmers
Department of Agriculture
30
Congress act that made available to states funds to establish agricultural experiment stations
Hatch Act
31
authorized the establishment of an Extension Service within the Department of Agriculture
Smith-Lever Act
32
provided federal funds to help high schools finance courses in agriculture, home econ, and other vocational subjects
Smith-Hughes Act
33
three organizations established to provide agriculture and leadership training for young people in rural areas
4-H Clubs FFA FHA
34
Section 19.3- Great Age of Enterprise
35
an economic system in which individuals are free to follow their economic pursuits as they see fit
capitalism (free enterprise)
36
total output of goods and services
GNP
37
Factors that contributed America's prosperity in late 19th century...
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
38
the greatest factors in American's rise to prosperity
character of her people (Protestant work ethic)
39
the second most important stimulant of American prosperity
free enterprise or capitalism
40
brought to America the greatest wealth and luxury for the greatest number that the world has ever known
capitalism or free enterprise system
41
part of country that became well known for its production of textiles, shoes, and paper
New England
42
Industrial development made a notable move westward particularly to the
Midwest
43
became known for the iron and steel center
Pittsburgh
44
became meatpacking centers
Chicago Kansas City
45
known for their flour mills
Minneapolis St.Paul
46
became centers of brewery industry
Milwaukee St. Louis
47
because so many changes took place in the South after the Civil War, it is often referred to as
New South
48
by the turn of the 20th century, nearly _________ of the cotton goods manufactured in the country were produced in the South
half
49
became the center of the southern iron and steel industry known as the Pittsburgh of the South
Birmingham
50
two men that discovered a new method to produce steel
Kelly Bessemer
51
the method produced by Kelly and Bessemer to produce steel
blast furnace (Bessemer process)
52
a slower but more precise technique of steel production
open-hearth method
53
a person who organizes and manages a business undertaking
entrepreneur
54
the leading producer of iron and steel in the United states
Henry Frick
55
organized Carnegie Steel and bought other business to create giant corporation called United States Steel Corporation
J.P. Morgan
56
best remembered for helping to finance the founding of public libraries across US and England
Carnegie
57
drilled the first oil well in the country in Northwestern Pennsylvania
Edwin Drake
58
oil company organized by John D Rockefeller
Standard Oil Company
59
year in which Standard Oil Company controlled over 30% of the nation's oil refining capacity
1873
60
America's wealthiest financier of the 19th century
J.P. Morgan
61
the railroads paid Rockefeller __________ on part of the established freight charge for each barrel of oil shipped
rebates
62
formed when a group of businessmen receive a charter of incorporation from a state government
corporation
63
money to be used to make more money
capital
64
certificates of ownership
stock
65
one who purchases the stock
stockholder
66
what a stockholder earns on each of his shares
dividends
67
between stockholders meetings, the corporation is managed by a
board of directors
68
a business owned by one individual
proprietorship
69
a business owned by two or more partners
partnership
70
a corporation has several advantages over a proprietorship...
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
by the end of the 19th century, corporations produced nearly _______ of the total value of manufactured goods in the country
3/4
72
arrangement which was an informal agreement among competing businesses to fix prices, share profits, or divide country
pool
73
entitles stockholders to share proportionately in the profits of a trust
trust certificates
74
organized the first trust in 1882
Standard Oil Company
75
dozens of companies under Rockefeller turned their stock over to which trust
Standard Oil Trust
76
one of the key advantages of the free market system
competition
77
businesses which have virtually no competition and put the consumer at the mercy of the big businesses
monopolies
78
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
Granger laws
79
forbade railroads to grant rebates, charge more for short hauls than long hauls, or to engage in certain other competitive practices
Interstate Commerce Act
80
board appointed to supervise the activities of railroads and enforce the provision of the law
Interstate Commerce Act (ICC)
81
act passed in 1890 declared trusts illegal
Sherman Antitrust Act
82
a captain of industry that tried to conduct his financial affairs as a steward of "God's Gold"
Rockefeller
83
philanthropist that created a fund to promote education in the South
Peabody
84
other philanthropists
1. Cyrus McCormick 2. Swifts 3. Armour
85
two philanthropists that contributed to church educational industries
Hill Vanderbilts
86
only economic system capable of providing the greatest material benefits for the greatest number of people
free enterprise or capitalism
87
is the tight government control of trade
mercantilism
88
trade without government regulations or tariffs
free trade
89
man largely responsible for the laissez faire policy
Adam Smith
90
Adam Smith's book
Wealth of Nations
91
had a philosophy that individual freedom in economics leads to the greatest good not only for the individual but for society as a whole
Smith's
92
Adam Smith was one of the earliest advocates of
capitalism or free market
93
largely responsible for the rise and triumph of capitalism
Smith

US History (23 decks)

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