Key Terms: Economic Terms Flashcards
When and what was the Industrial Revolution?
1870-1914 where Industrialisation increased heavily
What 2 years did the Confederates take large loans?
1861 and 1862
How much was the first Confederate loan and how much was the second Confederate loan? What year were these loans taken out?
$15 Million Loan in 1861, $100 Million loan in 1862
What is free trade?
When an international market does not implement import tariffs
What are tariffs?
Taxes placed on the importation or exportation of goods
What are Speculators?
Investors who take risks in what they invest in
What is an Entrepeneur?
Someone who sets up a business in hope of making profits
What is Agribusiness?
The agricultural field of business
What was the Financial Panic of 1873 caused by?
A wave of panic which occurred resulting in a mass selling of stocks and shares
When did the Oklahoma land rush occur? Why did it happen?
In 1889 2 million acres of Native American land were claimed by the USA allowing people to do things on the land easier
What were the years of drought? When and where did they occur?
Periods of drought from 1849-1880 in the Great Plains
What was the Carnegie Steel company?
A steel company set up in the late 1800s by Andrew Carnegie
What is joint stock capitalism?
When a business is owned by investors depending on how large of a share they have
What are corporations?
When a group of companies come together to act as a single entity
What are stocks and shares?
Certificates which show how much someone owns of a company
What happens in a Bull Market?
Share prices rise
What happens in a Bear Market?
When a market declines by 20% or more
What are pools?
When funds are used to invest in something
What are trusts?
When one person holds the title of owning something
What are combinations?
When trade options are created by combining options
What are monopolies?
When one company has the most power in a market compared with all other companies in the same field
What happens in Cartelisation?
Companies agree to improve quality and prices to reduce competition
What happens in Cartels and Trusts?
When companies come together to gain control of one market
What were Robber Barons?
People who became rich in the late 1800s through ruthless business practices
What is Antitrust Legislation? What does it reduce the chances of?
Regulations which force companies to compete in order to reduce the chances of a monopoly being made
Name a law related to Antitrusts which was passed in 1890
Sherman Antitrust Act
What is Vertical Integration?
When a company expands its business into different parts in their production paths for what they sell
What is Philanthropy?
The act of giving money away out of kindness to people who may need it.
