Industrial Revolution P.2 Flashcards
What is a protective tariff?
Tax intended to increase prices of imports and protects a country’s industries from foreign competition.
What does an entrepreneur do?
A person who organizes and operates a business taking on greater than normal financial risks.
Define Laissez Faire
Leave it alone or hands off
What is a patent?
Exclusive rights to a product granted by the government.
Who is Thomas Edison?
Thomas Edison invented the light bulb in 1880. He was the most prolific inventor of the era.
Describe the Bessemer Process?
Way to purify iron to create steel to build skyscrapers and such.
Describe a suspension bridge.
Type of bridge in which the deck is hung below suspension cables on vertical suspenders.
What is a time zone?
Region that has a uniform standard time for legal, commercial, and social purposes.
What is mass production?
The ability to produce things massively.
What is a corporation?
Independent legal entity owned by shareholders.
What is a monopoly?
A single company owns all or nearly all the market.
What is a cartel?
Explicit agreement among competing firms. Just like a monopoly but multiple groups.
Who is John D. Rockefeller?
A cofounder and tycoon of the standard oil.
What is a horizontal integration?
System of consolidating (bring everything together) many firms in the same business to lower production costs.
What is a vertical integration?
The practice of gaining control of many different businesses that make up all phases of a product’s development.
Who is Andrew Carnegie?
A steel tycoon of the 1800s
What is Social Darwinism?
Survival of the richest.
What is an interstate commerce commission (ICC)?
Oversaw railroad operations.
What does ICC stand for?
Interstate Commerce Commission.
What is the Sherman Antitrust Act?
Passed in 1880, outlawed trusts that restrained trade among several states.
What is a sweatshop?
Where you work long days in heat and terrible conditions.
Who was Terence V. Powderly?
Head of the “Knights of Labor”
Who was Samuel Gompers?
Founder of the AFL
What does AFL stand for?
American Federation of Labor