INDUSTRIAL REVOLUTION TERMS

Question 1

transcontinental railroad

Answer 1

extending the railroad from coast (atlantic) to coast (pacific). Used to move products and services, increases economy

Question 2

bessemer process

Answer 2

(1856) process for making steel more efficiently

Question 3

mass production

Answer 3

manufacture of goods in massive quantities

Question 4

monopoly

Answer 4

complete control of an industry

Question 5

cartel

Answer 5

a loose association of business that make the same product

Question 6

trust

Answer 6

a group of seperate companies placed under the control of a managing board

Question 7

sherman anti-trust act (against trust)

Answer 7

outlawed a combination of companies. resticted interstate trade or commerse

Question 8

horizontal consolidation

Answer 8

owning one step of the manufacturing process

Question 9

vertical consolidation

Answer 9

owning all steps of the manufacturing process

Question 10

business cycle

Answer 10

period of growth in a nations economy. Periods of boom and bust

Question 11

division of labor

Answer 11

factory workers work on a specific step of production

Question 12

collective bargaining

Answer 12

negotiations between labor and management