inventions change society Flashcards
How did the inventions and innovations change people’s lives in the early 20th century?
It allowed people to do daily task quicker, safer, and more efficient.
Define patent.
A license issued by the government that gives someone the right to make, use, and sell inventions without others copying it.
Why is Henry Ford such a famous person in the history of the auto industry?
Henry Ford was famous because he made it easier, faster, and cheaper to make a car by using an convertor bolt and an assembly line. Everyone could afford, and afford to repair the car and it would almost last a lifetime.
Define sweatshop.
A shop or factory where workers work long hours at low wages under unhealthy conditions
Define labor union.
Organized worker who seek better pay and working condition.
Define collective bargaining.
Discussion between an employer and union representatives of workers over wages, hours, and working condition for the union membership as a whole.
Define consolidation.
The practice of combining separate companies.
Who was Cornelius Vanderbilt?
Cornelius Vanderbilt was a railroad baron known for his tight grip on his railroad empire.
Define rebate.
Large railroads that offered discounts.
Define factors of production.
Land, labor, and capital used to make goods.
Define entrepreneur.
A person who starts a business.
Define corporation.
Legally defines organization of people and resources with the purpose of doing business.
Define stock.
Shares of ownership a company sells in its business.
Define shareholder.
A person who invests in a company by buying stock.
Define dividend.
A stockholder’s share of a company’s profits, usually as a cash payment.
