Industrialism

Question 1

creator of the light bulb; created the first major electricity company in the United States

Answer 1

Thomas Edison

Question 2

taking an existing product or object and making it better

Answer 2

Innovation

Question 3

an economic system in which industries are controlled privately by companies and corporations

Answer 3

Capitalism

Question 4

creator of the first telephone; later established the first telephone company

Answer 4

Alexander Graham Bell

Question 5

Orville and Wilbur; creators of the airplane

Answer 5

Wright Brothers

Question 6

a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly; brought to the U.S. on a large scale by Andrew Carnegie.

Answer 6

Bessemer Process

Question 7

through the use of factories, identical pieces duplicated time and again for a larger product

Answer 7

interchangeable parts

Question 8

pioneered in this period by Henry Ford; each worker in a factory is responsible for one part of the assembly of a product; enabled for faster production

Answer 8

assembly line

Question 9

any financial asset-including money, machines, and buildings-used in production

Answer 9

capital

Question 10

large companies that are controlled by stock-holders, or people who buy pieces of the company; usually part of a larger industry

Answer 10

corporations

Question 11

wealthiest man in the world by 1900; bought up and controlled the oil industry; Standard Oil

Answer 11

John D. Rockefeller

Question 12

was head of the largest steel company in America; was briefly the wealthiest man after selling his company to Rockefeller; known for his giving away of his wealth to establish libraries and educational grants

Answer 12

Andrew Carnegie

Question 13

company created by Rockefeller; broken up by Congress after it was found to be a monopoly.

Answer 13

Standard Oil

Question 14

when one company controls all aspects of that industry; no competition exists

Answer 14

monopoly

Question 15

a set of companies managed by a small group known as trustees, who can prevent companies from competing with each other

Answer 15

trusts

Question 16

when one company buys up as many companies within the same industry; ex. all the manufacturers or all of the distribution centers.

Answer 16

horizontal integration

Question 17

when one company buys up all aspects of production in their industry; ex. raw materials, manufacturing, storage distribution, etc.

Answer 17

vertical integration

Question 18

economic approach that the government will not interfere in the open business market; “let it be”

Answer 18

“laissez faire”

Question 19

an idea, based on Charles Darwin’s theory of evolution, that the best-run businesses led by the most capable people will survive and prosper;

Answer 19

social Darwinism

Question 20

an 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade

Answer 20

Sherman Antitrust Act