Industrial Revolution Vocab. Flashcards
Assembly Line
A method of production where each worker is assigned a repeatable task, and where the process moves to the worker who performs another task until the product is completed.
Captain of Industry
Industrious leaders who transformed the American economy with their business skills. They were praised for their skills as well as for their philanthropy.
Economy
The way people spend money and the way people make money. An economy can be big or small.
Entrepreneur
A person that starts their own business
Trust
A large company that has or attempts to gain control of a market.
Capitalism
An economic system in which a country’s trade and industry are controlled by private owners.
Robber Baron
An American capitalist of the late 19th century who became wealthy through ruthless and unethical means.
Monopoly
A company that holds all the power in a specific industry.
Supply and Demand
Supply is the amount there is of something. Demand is how much people want it. When there’s more supply than demand, prices go down. When there’s more demand than supply, prices go up.
Urbanization
The movement of large amounts of people to cities for jobs and better opportunity.
Predatory Pricing
A pricing strategy where a product or service is set at a very low price, intending to drive competitors out of the market.
Laissez Faire
When the government does not interfere in the workings of the free market.
Social Darwinism
“Survial of the fittest”- the idea that certain people become powerful in society and business because they are naturally better
Industrial Revolution
The period of time between the late 1800’s and the early 1900’s when industry began to grow and develop.
People Effect
A situation in which one event cause a series of other events to happen
