Industrialization Flashcards
Industrialization
The process by which an economy is transformed from agriculture and handmade goods, to manufacturing and machine made goods.
Monopoly
A large corporation that dominates an entire industry. It gets rid of all of its competitors.
Mass Production
Making a lot of something at a cheaper price by using the assembly line
Laissez-Faire
hands off government on business
very little regulations
Tenements
Cheap, crowded buildings that housed factory workers and immigrants
Urbanization
The process of an area becoming a city
Stock
A share or a piece of a corporation. Way for people to invest in a business. Value of stock goes up and down daily.
Corporations
Large business, owned by investors or stockholders. Can mass produce goods and usually have multiple locations.
Assembly Line
Made production more efficient. Every person had one job that they did over and over again
Labor Unions
An organized group of workers, often in a trade or profession, formed to protect and further their rights and interests.
Which big businessmen was in the oil industry?
John D. Rockefeller
Which big businessmen was in the steel industry?
Andrew Carnegie
Which big businessmen was in the banking industry?
J.P Morgan
Which big businessmen was in the railroad industry?
Cornelius Vanderbilt
