Industrialization Flashcards
Making many goods quickly and cheaply
Mass production
Time period when more goods were made by machines and factories
Industrialization
Mass production was made possible by
The assembly line
The main method for shipping products across the country
Connected the economies on the east and west coast
Transcontinental railroad
Examples of industrialists
Oil- John D. Rockefeller
Steel- Andrew Carnegie
Workers formed these in order to get better working conditions
Unions
Someone who starts and/ or runs their own business
Entrepreneur
Wealthy capitalist who donates to charities and helps others before and after they die
Philanthropists
Robber baron perspective:
Rockefeller and Carnegie
Capitalists/ monopoliststhat hurt society with their greed and vicious competition
Captain of industry perspective:
Rockefeller and Carnegie
Capitalists/ monopolists to help society with their philanthropy and ability to create jobs
Benefits of the transcontinental railroad
1) connected the east and west coasts’ economies
2) faster transport of goods
3) faster transport of people
4) helps businesses prosper/grow
5) expands market to a national market
Capitalism
Free enterprise/ private ownership
Us economis system
Benefits of mass production
1) large quantities of the same item
2) quickly
3) cheaply
Unions and examples
Workers unite for better pay abd working conditions
American federation of labor
Knights of labor
Monopoly
Trust
