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
What is the “Knights of Labor”?
A labor union in the late 1800s that included all workers from any trade and devoted to broad social reform.
What were 3 reasons immigrants were pushed from their homelands?
- Political upheaval at home.
- Religious discrimination.
- Crop failures.
What were the 5 major inventions during 1844-1884?
- Telegraph
- Sewing machine
- Safety elevator
- Lightbulb
- Steam boiler
Who invented the telegraph in 1844?
Samuel Morse
Who invented the sewing machine in 1846?
Elias Howe
Who invented the safety elevator in 1852?
Elisha Otis
Who invented the lightbulb in 1880?
Thomas Edison
Who invented the steam boiler in 1884?
Granville Woods
What did Samuel Morse invent in 1844?
Telegraph
What did Elias Howe invent in 1846?
Sewing machine
What did Elisha Otis invent in 1852?
Safety elevator
What did Thomas Edison invent in 1880?
Lightbulb
What did Granville Woods invent in 1884?
Steam boiler
When did Samuel Morse invent the telegraph?
1844
When did Elias Howe invent the sewing machine?
1846
When did Elisha Otis invent the safety elevator?
1852
When did Thomas Edison invent the lightbulb?
1880