Industrial Age Flashcards
Who was Andrew Carnegie and what should you recognize with him?
an industrialist who led the expansion of the American steel industry in the late 19th century. Using the Bessemer process and the idea of vertical integration, he dominated the steel industry with his Carnegie Steel Company
Who was John D Rockefeller and what should you recognize with him?
a co-founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. He used horizontal integration to dominate the oil industry. He formed the Standard Oil Trust that resulted in an oil monopoly
Definition of subsidy
a government provided financial aid or land grants
Define factors of production
land, labor, and capital (money) used to make goods and services
Define entrepreneur
a person who starts a business
Define collective bargaining
negotiation of wages and other conditions of employment by an organized body of employees
Define corporation
large business owned by many investors
Define stock
shares of ownership a company sells in its business
Define shareholder
a person who invests in a company by buying stock
Define dividend
a stockholder’s share of a company’s profits, usually as a cash payment
Define trust
a group of corporations run by a single of directors
book definition…a combination of firms or corporations formed by a legal agreement, especially to reduce competition
Define monopoly
total control of a type of industry by one person or one company (definition from kahoot.. company that controls all or nearly all business in a particular industry)
Define merger
when companies legally combine
Define consolidation
to combine different companies into one
Who was Cornelius Vanderbilt?
He was a railroad baron known for his tight grip on his railroad empire (because he used consolidation to control the industry and create a railroad empire)
How did other industries benefit from the expansion of the railroad system?
other industries profited from the expansion of the railroad industry because railroads used steel, oil, timber, etc for construction. Therefore, those industries grew as railroads grew
What were some new technologies that improved railroad travel in the late 1800s?
Air brakes were created to help stop trains more efficiently, Janney car couplers made it easier for railroad workers to link cars, Pullman sleeping cars which was a luxury railway car with seats that changed into beds for overnight journeys
Define rebate
a discount or return of part of a payment
Define pool
when companies divided up business among themselves and set identical rates (a group sharing in some activity)
Define patent
it’s a document issued by the government that gives someone the sole right to make, use, and sell an invention
(sole legal right to an invention and its profits)
What conditions spurred the growth of industry?
Government policies helped business grow, technology allowed railroads and cities to expand, and new sources of energy supplied industry needs
Define tariff
a tax or duty to be paid on a particular class of imports or exports
Who introduced the assembly line in 1913 and made vehicles more affordable for the average person?
Henry Ford
Who became the first to successfully fly a gas-powered plane in 1903?
The Wright Brothers
