Chapter 6 Flashcards
patent
a guarantee to protect an inventor’s rights to make, use, or sell an invention
trunk lines
major railroads
George Westinghouse
developed the compressed air-brake
Orville and Wilbur Wright
developed the airplane
How did the advances in steel production and oil refining affect U.S. industry?
steel and oil production skyrocketed
List innovations that were made in transportation in the late 1800s.
- airplane
- railroads
- automobile engines
- passenger trains
telegraph
sent messages over long distances using a system of dots and dashes
- invented by Samuel F.B. Morse
Alexander Graham Bell
invented the telephone
Christopher Sholes
developed the typewriter
Thomas Alva Edison
invented the light bulb and opened one of the first electric power plants in New York City
capitalism
private businesses run most industries and competition determines how much goods cost and workers are paid
free enterprise
supply, demand, and profit margin determine what businesses produce; free market with little government regulation
Karl Marx
German philosopher who developed communism
corporation
organizers raise money by selling shares of stocks to stockholders
How did the government support the rise of big business?
little to no regulations
trust
a group of companies turn control of their stock over to a common board of trustees
monopoly
exclusive economic control of an industry
John D. Rockerfeller
one founder of the Standard Oil Company
Cornelius Vanderbilt
a pioneer of the railroad industry
George Pullman
created the passenger car train
Sherman Antitrust Act
outlawed all monopolies and trusts that restrained trade
What were some hardships of railroad workers?
- low pay
- long hours
- dangerous working conditions
