lesson 13 The Age of Innovation And Industry Flashcards
Bessemer process
a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly
capital
any financial asset-including money, machines, and buildings-used in production
capitalism
an economic system in which factories, equipment, and other means of production are privately owned rather than controlled by government
corporation
a company recognized by law to exist independently from its owners, with the ability to own property, borrow money, sue, or be sued
entrepreneur
a bold, ambitious person who establishes a new business
factors of production
land, labor, and capital
horizontal integration
a corporate expansion strategy that involves joining together as many firms from the same industry as possible
All the electricity was bought by JP Morgan
laissez-faire
MARKET WILL REGULATE ITS SELF BECAUSE ITS LAZZY, the idea that the free market, through supply and demand, will regulate itself if government does not interfere
monopoly
a company that completely dominates a particular industry
philanthropist
a person who gives money to support worthy causes
Sherman Antitrust Act
an 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade
social Darwinism
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
trust
a set of companies managed by a small group known as trustees, who can prevent companies in the trust from competing with each other
vertical integration
a corporate expansion strategy that involves controlling each step in the production and distribution of a product, from acquiring raw materials to manufacturing, packaging, and shipping
