Industrial Revolutuon Flashcards
Consolidate
Combine. Larger companies buying up smaller ones.
Gauges
Width of a track.
Pool
Several railroad companies agree to divide up the business in an area. They then fixed their prices at a high level.
Rebate
Discount
What tactics did railroads use to eliminate competition?
Rebates and pools
Bessemer Process
Enabled steel makers to make strong steel at a lower cost.
Vertical Integration
Gaining control of all the steps used to change raw materials into finished products.
Corporation
Business that is owned by investors.
Dividends
Shares of a corporations profit.
Trust
Group of corporations run by a single board of directors.
Monopoly
Controls all or nearly all the business of an industry.
Free enterprise system
Businesses that are owned by private citizens.
What was an immediate economic result of the use of mass-production techniques?
Reduced the cost of making goods
How did the automobile and airplane change American life?
Improved travel, made travel faster, easier, and cheaper.
What were the benefits of steel making in Pittsburgh?
Brought jobs and prosperity to the area.
Network
System of connected rail lines.
What was a major goal of the Sherman Antitrust Act?
Prevent the formation of business monopolies.
Why do people purchase shares of stock?
In order to share in corporate profits.
What was an advantage of the Bessemer Process?
Enabled steel makers to produce iron at a lower cost
What new inventions helped rail travel?
air brake, refrigerated railroad car, and sleeping car
Which industries were helped by the growth of the railroad?
steel, coal, lumber
Stock
shares in the business, corporations sell shares to investors who are known as stockholders.
