Chapter 24- Industry Advancements

Question 1

Trust

Answer 1

A mechanism by which one company grants control over its operations, the through ownership of its stock, to another company

Question 2

Syndicate

Answer 2

An association of financiers organized to carry out projects requiring very large amounts of capital

Question 3

Patrician

Answer 3

Characterized by noble or high social standing

Question 4

Social Darwinism

Answer 4

Believers in the idea that people gained weight by the survival of the fittest. The wealthy won natural competition and owned nothing to the poor.

Question 5

Socialist

Answer 5

Those who hold the political belief in promoting social and economic equality through the ownership and control of the major means of production by the whole community rather than individuals

Question 6

Lockouts

Answer 6

The refusal by an employer to allow employees to work unless they agree to his or her term.

Question 7

Anarchists

Answer 7

Those who hold the political belief that all organized coercive government is wrong in principle

Question 8

Thomas Alva Edison

Answer 8

Famous inventor. He created the electric light bulb

Question 9

Andrew Carnegie

Answer 9

Was a master of the steel business. Produced 1/4 of the nations steel.

Question 10

John d Rockefeller

Answer 10

Dominated the oil industry

Question 11

Samuel Gompers

Answer 11

Elitist American Federation of Labor

Question 12

Free enterprise

Answer 12

An economic system that permits unrestricted entrepreneurial business activity; capitalism